Supplementary

Anti-avoidance23

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.

Definitions24

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

F1regulation 1(5A)

F1Section VIII(A)(3) of Annex I

F1Section VIII(A)(3) of the CRS

F4high value account

F4Section VIII(C)(15) of Annex I

F4Section VIII(C)(15) of the CRS

F4Section II(D) of Annex I

F4NFE

F4Section VIII(D)(6) of Annex I

F4Section VIII(D)(7) of the CRS

F2investment entity

F2regulation 1(5A)

F2Section VIII(A)(6) of Annex I

F2Section 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)

F5non-reporting financial institution

F5Section VIII(B)(1) of Annex I

F5Section 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

F3Section VIII(D)(2) of Annex I

F3Section 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)

Revocation25

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