SupplementaryU.K.
Anti-avoidanceU.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.
DefinitionsU.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 | [F1regulation 1(5A)] | [F1Section VIII(A)(3) of Annex I] | [F1Section VIII(A)(3) of the CRS ] | |
| [F2high value account] | [F2Section VIII(C)(15) of Annex I] | [F2Section VIII(C)(15) of the CRS] | [F2Section II(D) of Annex I] | |
| [F2NFE] | [F2Section VIII(D)(6) of Annex I] | [F2Section VIII(D)(7) of the CRS] | ||
| [F3investment entity] | [F3regulation 1(5A)] | [F3Section VIII(A)(6) of Annex I] | [F3Section 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) | |||
| [F4non-reporting financial institution] | [F4Section VIII(B)(1) of Annex I] | [F4Section 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 | [F5Section VIII(D)(2) of Annex I] | [F5Section 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
F1Words 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)
F2Words 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)
F3Words 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)
F4Words 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)
F5Words 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
M1The 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.
RevocationU.K.
25. The International Tax Compliance (United States of America) Regulations 2014 M2 are revoked.
Marginal Citations