The International Tax Compliance Regulations 2015

Regulation 1(3)(b)

SCHEDULE 1 U.K. Participating jurisdictions

The participating jurisdictions for the purposes of the CRS are set out in the following list.

Albania

Andorra

Anguilla

Antigua and Barbuda

Argentina

Aruba

Austria

Australia

The Bahamas

Barbados

Belgium

Belize

Bermuda

Brazil

British Virgin Islands

Brunei Darussalam

Bulgaria

Canada

Cayman Islands

Chile

China

Colombia

Costa Rica

Croatia

Curacao

Cyprus

Czech Republic

Denmark

Dominica

Estonia

Faroe Islands

Finland

France

Germany

[F1 Ghana]

Gibraltar

Greece

Greenland

Grenada

Guernsey

Hong Kong (China)

Hungary

Iceland

India

Indonesia

Ireland

Isle of Man

Israel

Italy

Japan

Jersey

Korea

Latvia

Liechtenstein

Lithuania

Luxembourg

Macao (China)

Malaysia

Malta

Marshall Islands

Mauritius

Mexico

Monaco

Montserrat

Netherlands

New Zealand

Niue

Norway

Poland

Portugal

Qatar

Romania

Russian Federation

Saint Kitts and Nevis

Saint Lucia

Saint Vincent and the Grenadines

Samoa

San Marino

Saudi Arabia

Seychelles

Singapore

Sint Maarten

Slovak Republic

Slovenia

South Africa

Spain

Sweden

Switzerland

Trinidad and Tobago

Turkey

Turks and Caicos Islands

United Arab Emirates

Uruguay

Textual Amendments

F1 Word in Sch. 1 inserted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(6)

Regulation 2(2)(a)

SCHEDULE 2 U.K. Excluded accounts

For the purposes of the DAC and the CRS the following are excluded accounts.

Certain Retirement Accounts or Products U.K.

1.  Pension schemes registered with HMRC under Part 4 of FA 2004 M1 .

Marginal Citations

M1 2004 c. 12.

2.  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. U.K.

3.  Immediate needs annuities within section 725 ITTOIA 2005 M2 . U.K.

Marginal Citations

M2 2005 c. 5.

Certain Tax-favoured Accounts and Products U.K.

4.  An account within the meaning of the Individual Savings Account Regulations 1998 M3 .

Marginal Citations

M3 S.I. 1998/1870, relevantly amended by S.I. 2002/1974, 2007/2119, 2008/704, 2009/1994, 2010/2957, 2011/782 and 2011/1780.

5.  A child trust fund within the meaning of the Child Trust Funds Act 2004 M4 . U.K.

Marginal Citations

M4 2004 c. 6.

6.  Premium Bonds issued by the UK National Savings and Investments. U.K.

7.  Children's Bonds issued by the UK National Savings and Investments. U.K.

8.  Fixed Interest Savings Certificates issued by UK National Savings and Investments. U.K.

9.  Index Linked Savings Certificates issued by UK National Savings and Investments. U.K.

10.  Tax Exempt Savings Plans issued by a friendly society within the meaning of the Friendly Societies Act 1992 M5 . U.K.

Marginal Citations

M5 1992 c. 40.

11.  A share incentive plan approved by HMRC under Schedule 2 to ITEPA 2003 M6 . U.K.

Marginal Citations

M6 2003 c. 1.

12.  A SAYE option scheme approved by HMRC under Schedule 3 to ITEPA 2003. U.K.

13.  A CSOP scheme approved by HMRC under Schedule 4 to ITEPA 2003. U.K.

F2 14.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F2 Sch. 2 paras. 14, 15 omitted (20.11.2015) by virtue of The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(7)

F2 15.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F2 Sch. 2 paras. 14, 15 omitted (20.11.2015) by virtue of The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(7)

Regulation 12F

[F3 SCHEDULE 3 U.K.

Textual Amendments

F3 Sch. 3 inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 7

PART 1 U.K.

1.   The form of a client exchange of tax information notification is— U.K.

PART 2 U.K.

2.   The statement in this paragraph is— U.K.

“Financial institutions in more than 100 jurisdictions around the world are being legally required to find out the tax residence of their account holders and report details of their accounts, structures, trusts, and investments to be exchanged with the appropriate tax authorities. As a UK tax resident, any overseas accounts you have will be sent to HM Revenue & Customs (HMRC). This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.

If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet attached to help you decide now what to do next.”.

3.   The statement in this paragraph is— U.K.

“From 2016, HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts, and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.

If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet attached to help you decide now what to do next.]