The International Tax Compliance Regulations 2015

Supplementary U.K.

Anti-avoidance U.K.

23.  If—

(a) a person enters into any arrangements, and

(b) the main purpose, or one of the main purposes, of the person in entering into the arrangements is to avoid any obligation under these Regulations,

these Regulations are to have effect as if the arrangements had not been entered into.

Definitions U.K.

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—

Expression	Regulations	The DAC	The CRS	The FATCA agreement
account holder		Section VIII(E)(1) of Annex I	Section VIII(E)(1) of the CRS	Article 1(1)(ee)
annuity contract		Section VIII(C)(6) of Annex I	Section VIII(C)(6) of the CRS
CRS	regulation 1(3)(b)
cash value insurance contract		Section VIII(C)(7) of Annex I	Section VIII(C)(7) of the CRS
the Commissioners	regulation 24(1)
controlling person		Section VIII(D)(5) of Annex I	Section VIII(D)(6) of the CRS	Article 1(1)(mm)
custodial account		Section VIII(A)(3) of Annex I	Section VIII(A)(3) of the CRS	Article 1(1)(u)
the DAC	regulations 1(3)(a)
entity		Section VIII(E)(3) of Annex I	Section VIII(E)(3) of the CRS	Article 1(1)(hh)
excluded accounts	Schedule 2	Section VIII(C)(17) of Annex I	Section VIII(C)(17) of the CRS
the FATCA agreement	regulation 1(3)(c)
financial account		Section VIII(C) of Annex I	Section VIII(C) of the CRS	Article 1(1)(s)
financial institution	[F1 regulation 1(5A)]	[F1 Section VIII(A)(3) of Annex I]	[F1 Section VIII(A)(3) of the CRS ]
[F2 high value account]		[F2 Section VIII(C)(15) of Annex I]	[F2 Section VIII(C)(15) of the CRS]	[F2 Section II(D) of Annex I]
[F2 NFE]		[F2 Section VIII(D)(6) of Annex I]	[F2 Section VIII(D)(7) of the CRS]
[F3 investment entity]	[F3 regulation 1(5A)]	[F3 Section VIII(A)(6) of Annex I]	[F3 Section VIII(A)(6) of the CRS]
new account		Section VIII(C)(10) of Annex I	Section VIII(C)(10) of the CRS
non-participating financial institution				Article 1(1)(r)
[F4 non-reporting financial institution]		[F4 Section VIII(B)(1) of Annex I]	[F4 Section VIII(B)(1) of the CRS]
participating jurisdiction	Schedule 1	Section VIII(D)(4) of Annex I	Section VIII(D)(5) of the CRS
pre-existing account		Section VIII(C)(9) of Annex I	Section VIII(C)(9) of the CRS
pre-existing entity account	regulation 2(3)	Section VIII(C)(13) of Annex I	Section VIII(C)(13) of the CRS	Section IV of Annex I
reportable account	regulation 2	Section VIII(D)(1) of Annex I	Section VIII(D)(1) of the CRS	Article 1(1)(bb)
reporting financial institution		Section VIII(A)(1) of Annex I	Section VIII(A)(1) of the CRS	Article 1(1)(n)
reportable person		[F5 Section VIII(D)(2) of Annex I]	[F5 Section VIII(D)(2) of the CRS]
relevant agreement	Regulation 1(5)
specified U.S. person				Article 1(1)(gg)
the tribunal	regulation 24(1)
U.S. reportable account				Article 1(1)(dd) and paragraph I.B of Annex I
U.S. Treasury Regulations	regulation 24(1)

Textual Amendments

F1 Words in reg. 24(2) substituted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(a)

F2 Words in reg. 24(2) inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 6(a)

F3 Words in reg. 24(2) inserted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(b)

F4 Words in reg. 24(2) inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 6(b)

F5 Words in reg. 24(2) substituted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(c)

Marginal Citations

M1 The 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.

Revocation U.K.

25.  The International Tax Compliance (United States of America) Regulations 2014 M2 are revoked.

Marginal Citations

M2 S.I. 2014/1506.