The Reporting of Savings Income Information Regulations 2003

PART 3 U.K. Reporting the information

Paying and receiving agents to notify [F1 Revenue and Customs] of reportable payments U.K.

14.—(1) An agent who must report information to [F2 Revenue and Customs] in accordance with these Regulations must notify [F2 Revenue and Customs] in writing that he needs to make a report within 14 days of the end of the tax year in which—

(a) in the case of a paying agent, the savings income payment was made, or

(b) in the case of a receiving agent, the savings income was secured or received,

unless the agent has already received a notice under regulation 15 from [F2 Revenue and Customs] in respect of that tax year.

(2) An agent who fails to comply with paragraph (1) is liable to a penalty not exceeding £3000 determined in accordance with section 100 of the Taxes Management Act 1970 M1 .

(3) Sections 100A, 100B, 102, 103(4) and 118(2) of the Taxes Management Act 1970 M2 apply to a penalty determined in accordance with paragraph (2).

Textual Amendments

F1 Words in reg. 14 heading substituted (1.7.2005) by The Reporting of Savings Income Information (Amendment) Regulations 2005 (S.I. 2005/1539), regs. 1(2), 14(2)

F2 Words in reg. 14(1) substituted (1.7.2005) by The Reporting of Savings Income Information (Amendment) Regulations 2005 (S.I. 2005/1539), regs. 1(2), 14(3)

Marginal Citations

M1 1970 c. 9. Section 100 was substituted by section 167 of the Finance Act 1989 (c. 26) and amended by the Finance Act 1990 (c. 29), the General and Special Commissioners (Amendment of Enactments) Regulations 1994 (S.I. 1994/1813), the Finance Act 1998 (c. 36) and the Finance Act 2001 (c. 9).

M2 1970 c. 9. Sections 100A, 100B and 103 were substituted, and section 102 amended, by the Finance Act 1989 (c. 26). Section 100B was amended by the General and Special Commissioners (Amendment of Enactments) Regulations 1994 (S.I. 1994/1813), the Finance Act 1994 (c. 9) and the Finance Act 1995 (c. 4). Section 118(2) was amended by the Finance Act 1970 (c. 24) and the Finance (No. 2) Act 1987 (c. 51).

Reports by paying and receiving agents to [F3 Revenue and Customs] U.K.

15.—(1)  [F4 Revenue and Customs] must send a notice to —

(a) an agent who has notified [F5 Revenue and Customs] in accordance with regulation 14(1);

(b) any person [F5 Revenue and Customs] considers should have notified it in accordance with regulation 14(1) but has not done so; and

(c) any person who has notified [F4 Revenue and Customs] in accordance with regulation 14(1) in respect of a previous tax year, unless—

(i) the person has informed [F5 Revenue and Customs]; or

(ii) an officer of [F5 Revenue and Customs] has reasonable grounds to believe,

that he is no longer an agent.

(2) The notice must specify —

(a) the information prescribed by these Regulations which must be reported;

(b) the tax year in respect of which the report must be made and that the report must be in respect of all savings income payments for that tax year;

(c) the form in which the report must be made;

(d) the address to which the report must be delivered; and

(e) the date by which the report must be delivered which shall be a date no earlier than 30 days after the date of the notice.

(3) For the report for the tax year in which the commencement date falls, the reference to the tax year in paragraph (2)(b) means the period beginning on the commencement date and ending at the end of the tax year in which the commencement date falls.

Here “commencement date” is the date specified in the notices under regulation 1(2).

(4) The notice may be combined with a notice issued under [F6 paragraph 1 of Schedule 23 to the Finance Act 2011 (data-gathering powers)].

(5) The agent or person, as appropriate, must make and deliver the report in accordance with the requirements specified in the notice.

(6) Paragraph (5) applies regardless of whether any savings income is reportable in accordance with these Regulations.

Textual Amendments

F3 Words in reg. 15 heading substituted (1.7.2005) by The Reporting of Savings Income Information (Amendment) Regulations 2005 (S.I. 2005/1539), regs. 1(2), 15(2)

F4 Words in reg. 15(1) substituted (1.7.2005) by The Reporting of Savings Income Information (Amendment) Regulations 2005 (S.I. 2005/1539), regs. 1(2), 15(3)(a)

F5 Words in reg. 15(1) substituted (1.7.2005) by The Reporting of Savings Income Information (Amendment) Regulations 2005 (S.I. 2005/1539), regs. 1(2), 15(3)(b)

F6 Words in reg. 15(4) substituted (1.4.2012) by The Reporting of Savings Income and Interest Payments (Data-gathering) Regulations 2012 (S.I. 2012/756), regs. 1(2), 2(3)