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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 692
- PART 5
- Regulation 42
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Changes over time for: Section 42
Version Superseded: 06/10/2020
Alternative versions:
- 26/06/2017- Amendment
- 26/06/2017
Point in time - 06/10/2020- Amendment
- 31/12/2020- Amendment
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Point in time view as at 26/06/2017. This version of this provision has been superseded.
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There are currently no known outstanding effects for the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Section 42.
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Application of this PartU.K.
This section has no associated Explanatory Memorandum
42.—(1) This Part applies to UK bodies corporate and relevant trusts.
(2) For the purposes of this Part—
(a)a “UK body corporate” is a body corporate which is incorporated under the law of the United Kingdom or any part of the United Kingdom, and includes an eligible Scottish partnership;
(b)a “relevant trust” is—
(i)a UK trust which is an express trust; or
(ii)a non-UK trust which is an express trust; and
(aa)receives income from a source in the United Kingdom; or
(bb)has assets in the United Kingdom,
on which it is liable to pay one or more of the taxes referred to in regulation 45(14);
(c)a trust is a “UK trust” if—
(i)all the trustees are resident in the United Kingdom; or
(ii)sub-paragraph (d) applies;
(d)this sub-paragraph applies if—
(i)at least one trustee is resident in the United Kingdom, and
(ii)the settlor was resident and domiciled in the United Kingdom at the time when—
(aa)the trust was set up, or
(bb)the settlor added funds to the trust;
(e)a trust is a “non-UK trust” if it is not a UK trust;
(f)a “collective investment scheme” has the meaning given in regulation 12H of the International Tax Compliance Regulations 2015 M1.
(3) A trustee or settlor is resident in the United Kingdom—
(a)in the case of a body corporate, if it is a UK body corporate;
(b)in the case of an individual, if the individual is resident in the United Kingdom for the purposes of one or more of the taxes referred to in regulation 45(14).
Marginal Citations
M1S.I. 2015/878. Regulation 12H was inserted by S.I. 2017/598.
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