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The International Tax Compliance Regulations 2015

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24.—(1) In these Regulations—

“the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs,

“the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal,

“US Treasury Regulations” mean the US Regulations Relating to Information Reporting by Foreign Financial Institutions and Other Foreign Entities M1.

(2) The following table lists the places where expressions that apply for the purposes of these Regulations are defined or otherwise explained—

ExpressionRegulationsF1. . .The CRSThe FATCA agreement
account holderF1. . .Section VIII(E)(1) of the CRSArticle 1(1)(ee)
annuity contractF1. . .Section VIII(C)(6) of the CRS
[F2CRS] [F2regulation 1(3A)]
cash value insurance contractF1. . .Section VIII(C)(7) of the CRS
the Commissionersregulation 24(1)
controlling personF1. . .Section VIII(D)(6) of the CRSArticle 1(1)(mm)
[F2custodial account]F1. . . [F2Section VIII(C)(3) of the CRS] [F2Article 1(1)(u)]
F3. . .F3. . .
entityF1. . .Section VIII(E)(3) of the CRSArticle 1(1)(hh)
excluded accountsSchedule 2F1. . .Section VIII(C)(17) of the CRS
the FATCA agreementregulation 1(3)(c)
financial accountF1. . .Section VIII(C) of the CRSArticle 1(1)(s)
financial institution [F4regulation 1(5A)]F1. . . [F4Section VIII(A)(3) of the CRS ]
[F5high value account]F1. . . [F5Section VIII(C)(15) of the CRS] [F5Section II(D) of Annex I]
[F5NFE]F1. . . [F5Section VIII(D)(7) of the CRS]
[F6investment entity] [F6regulation 1(5A)]F1. . . [F6Section VIII(A)(6) of the CRS]
[F7subject to paragraph (3)] new accountF1. . .Section VIII(C)(10) of the CRS
non-participating financial institutionArticle 1(1)(r)
[F8non-reporting financial institution]F1. . . [F8Section VIII(B)(1) of the CRS]
participating jurisdictionSchedule 1F1. . .Section VIII(D)(5) of the CRS
[F9subject to regulation 3(4A)(a) and paragraph (3)] [F10pre-existing account]F11. . .F1. . . [F12subject to paragraph (3), the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS] [F10Article 1(1)(aa)]
[F10pre-existing entity account]F1. . . [F10Section VIII(C)(13) of the CRS] [F10Section IV of Annex I]
[F13related entity]F11. . .F1. . . [F14the replacement for Section VIII(E)(4) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS]
reportable accountregulation 2F1. . .Section VIII(D)(1) of the CRSArticle 1(1)(bb)
[F13reportable jurisdiction] [F13Section VIII(D)(4) of the CRS]
reporting financial institutionF1. . .Section VIII(A)(1) of the CRSArticle 1(1)(n)
reportable personF1. . . [F15Section VIII(D)(2) of the CRS]
relevant agreementRegulation 1(5)
[F13specified financial institution] [F13regulation 12A(3)]
[F13specified relevant person] [F13regulation 12A(4)]
specified U.S. personArticle 1(1)(gg)
the tribunalregulation 24(1)
[F13UK representative] [F13regulation 11(2)]
U.S. reportable accountArticle 1(1)(dd) and paragraph I.B of Annex I
U.S. Treasury Regulationsregulation 24(1)

[F16(3) In respect of the accounts listed in paragraph (4)—

(a)“new account” means a financial account maintained by a reporting financial institution opened on or after 13th May 2020;

(b)“pre-existing account” means—

(i)a financial account maintained by a reporting financial institution as of 12th May 2020, or

(ii)a financial account within [F17the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS], but in the application of that provision the references to “subparagraph C(9)(a)” are to be read as references to paragraph (i) of this sub-paragraph.

(4) The accounts are—

(a)non-registered pension arrangements where the annual contributions are limited to £50,000 and funds contributed cannot be accessed before the age of 55 except in circumstances of serious ill health;

(b)Premium Bonds issued by the UK National Savings and Investments;

(c)Fixed Interest Savings Certificates issued by the UK National Savings and Investments; and

(d)Index Linked Savings Certificates issued by the UK National Savings and Investments.]

Textual Amendments

Marginal Citations

M1The Regulations can be found on the US Department of the Treasury website at http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx.

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