Chapter 2, SI 2006/964 sets out the conditions that must be met in order for an open-ended investment company to remain within the Property AIF regime. The conditions themselves are explained earlier in this guidance at CTM48810 onwards. The pages at CTM48872 to CTM48875 explain how breaches of those conditions are treated. CTM48877 sets out what action must be taken by both the open-ended investment company and/or HMRC in such circumstances.
In addition to the consequences of single or multiple breaches of specific conditions, there are also consequences when the Property AIF breaches more than one separate condition - see CTM48876.
When the manager of the Property AIF becomes aware that there is a breach of any of the conditions of the regime it must provide information to HMRC – see CTM48877.