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There are currently no known outstanding effects for the The International Tax Compliance Regulations 2015, Section 15.
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15.—(1) [F1A reporting financial institution or UK representative] is liable to a penalty not exceeding £3,000 if—
(a)in complying with an obligation under regulation 6 [F2the institution or representative] provides inaccurate information, and
(b)condition A, B or C is met.
(2) Condition A is that the inaccuracy is—
(a)due to a failure to comply with the due diligence requirements in regulation 3 (as modified by regulations 4 or 5 where those regulations apply), or
(b)deliberate F3....
(3) Condition B is that the [F4reporting financial institution or UK representative] knows of the inaccuracy at the time the information is provided but does not inform HMRC at that time.
(4) Condition C is that the [F5reporting financial institution or UK representative] —
(a)discovers the inaccuracy some time later, and
(b)fails to take reasonable steps to inform HMRC.
Textual Amendments
F1Words in reg. 15(1) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 12(1)(a)
F2Words in reg. 15(1) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 12(1)(b)
F3Words in reg. 15(2)(b) omitted (17.5.2017) by virtue of The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 12(2)
F4Words in reg. 15(3) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 12(3)
F5Words in reg. 15(4) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 12(3)
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