Make a change notification for a Reserved Investor Fund

If there are changes to the Reserved Investor Fund (RIF), you may need to tell HMRC.

What changes you need to tell us about

You must tell us when the scheme: 

• decides to exit the regime (this is an exit notice)
• breaches one or more of the qualifying conditions and stops being a RIF
• has breached the ownership requirement and no longer expects to rectify the breach within 9 months of it happening
• has breached the restriction requirement and no longer expects to rectify the breach within 9 months of it happening
• has been treating the ownership requirement as met, but no longer expects to meet this requirement in the initial period of 12 months from the date the scheme became a RIF
• has been treating the UK property rich condition as met, but no longer expects to meet this condition in the initial period of 12 months from the date the scheme became a RIF
• changes the restriction condition that the RIF or a sub-scheme is relying on to meet the restriction requirement
• is an umbrella scheme that establishes a new sub-scheme or winds up an existing sub-scheme

When you need to tell us about a change

You must make a notification within the time limits for each type of change.

This is usually within 30 days of the change happening. In some cases, it’s within 30 days of the scheme operator becoming aware of the change.

You can find out when you need to tell us about each change in section 6 of the tax rules for the Reserved Investor Fund (RIF) — technical note.

What you’ll need

To complete a change notification, you’ll need the:

• scheme details, including the scheme operator’s Corporation Tax Unique Taxpayer Reference (if they have one)
• business name and address of the operator

If the scheme is ceasing by giving an exit notice

If the scheme is giving an exit notice you must confirm the:

• date the scheme ceased or will cease to be a Reserved Investor Fund
• reason for the decision to cease to be a Reserved Investor Fund

If the scheme has breached a qualifying condition and ceases to be a Reserved Investor Fund

If the scheme has breached a qualifying condition, you must confirm the:

• condition that is no longer met which will mean the scheme ceases to be a Reserved Investor Fund
• date the condition stopped being met

For breaches of the ownership requirement or restriction requirement and where the 9-month ‘cure’ period applies, you must also confirm the date the scheme operator became aware the breach will not be rectified within that period.

For breaches of the exempt investor condition, you’ll also need to provide the date the scheme operator became aware of the breach.

If the scheme will not meet a qualifying condition which was treated as met for the initial period

If the scheme treated the ownership requirement or UK property rich condition as met in the 12 month initial period of becoming a RIF but no longer expects to meet the condition in that initial period, you must confirm:

• which ownership requirement or UK property rich condition will not be met
• the date that the scheme operator became aware that it will not be met

If the scheme or a sub-scheme has a change in restriction conditions

If there are changes to the restriction conditions that were relied on to meet the restriction requirement, you must confirm the:

• details of the previous restriction conditions being relied on
• date they stopped or will stop being met
• new restriction conditions being relied on
• date the new conditions were or will be met

Umbrella scheme sub-schemes

If the scheme has established, or intends to establish a sub-scheme, you must confirm:

• the name of the new sub-scheme
• the date the sub-scheme was or will be established
• which restriction conditions the sub-scheme meets

If the scheme has wound-up, or intends to wind-up a sub-scheme, you must confirm the:

• name of the sub-scheme
• date the sub-scheme was or will be wound up

Make a change notification

Online

If you are an agent or manager completing the form on behalf of the scheme operator, you’ll need to provide a form 64-8 or a letter of authority, if you have not done so before.

You’ll need to either:

• sign in with your Government Gateway user ID and password (if you do not have a user ID, you can create one when you first try to sign in)
• use your email address to get a confirmation code that you can use to sign in

You can save your progress and come back later.

Start now

You’ll get confirmation when you submit your change notification.

We will aim to process this within 15 working days.

Email or post

You can submit your notification by email or post if you are not able to use the online form.

1. Download and save Reserved Investor Fund (RIF) Notifications (PDF, 833 KB, 6 pages).
2. Open it using the latest free version of Adobe Reader.
3. Complete it on-screen.

The form may not work if you try to open it in your internet browser. If the form does not open, contact online services support for more help.

Where to send the notification

Email the notification form to cisc.sheffield@hmrc.gov.uk (include ‘RIF’ in the subject line).

If you cannot email the form, print it and post it to:

Get help

You can email cisc.sheffield@hmrc.gov.uk (include ‘RIF’ in the subject line) if you:

• need to update your contact details
• need help completing your notification
• have any Reserved Investor Fund related queries