SupplementaryU.K.
Anti-avoidanceU.K.
23. If—
(a)[F1a reporting financial institution, UK representative, specified financial institution or specified relevant person] enters into any arrangements, and
(b)the main purpose, or one of the main purposes, of [F2the institution or representative] 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.
Textual Amendments
F1Words in reg. 23 substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 18(a)
F2Words in reg. 23 substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 18(b)
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 | ||
| [F3CRS] | [F3regulation 1(3A)] | |||
| 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) | |
| [F3custodial account] | [F3Section VIII(C)(3) of Annex I] | [F3Section VIII(C)(3) of the CRS] | [F3Article 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 | [F4regulation 1(5A)] | [F4Section VIII(A)(3) of Annex I] | [F4Section VIII(A)(3) of the CRS ] | |
| [F5high value account] | [F5Section VIII(C)(15) of Annex I] | [F5Section VIII(C)(15) of the CRS] | [F5Section II(D) of Annex I] | |
| [F5NFE] | [F5Section VIII(D)(6) of Annex I] | [F5Section VIII(D)(7) of the CRS] | ||
| [F6investment entity] | [F6regulation 1(5A)] | [F6Section VIII(A)(6) of Annex I] | [F6Section 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) | |||
| [F7non-reporting financial institution] | [F7Section VIII(B)(1) of Annex I] | [F7Section VIII(B)(1) of the CRS] | ||
| participating jurisdiction | Schedule 1 | Section VIII(D)(4) of Annex I | Section VIII(D)(5) of the CRS | |
| [F8pre-existing account] | [F8regulation 3(4A)] | [F8Section VIII(C)(9) of Annex I] | [F8Section VIII(C)(9) of the CRS] | [F8Article 1(1)(aa)] |
| [F8pre-existing entity account] | F8. . . | [F8Section VIII(C)(13) of Annex I] | [F8Section VIII(C)(13) of the CRS] | [F8Section IV of Annex I] |
| [F9related entity] | [F9regulation 3(4A)] | [F9Section VIII(E)(4) of Annex I] | [F9Section VIII(E)(4) of the CRS] | |
| reportable account | regulation 2 | Section VIII(D)(1) of Annex I | Section VIII(D)(1) of the CRS | Article 1(1)(bb) |
| [F9reportable jurisdiction] | [F9Section VIII(D)(4) of the CRS] | |||
| reporting financial institution | Section VIII(A)(1) of Annex I | Section VIII(A)(1) of the CRS | Article 1(1)(n) | |
| reportable person | [F10Section VIII(D)(2) of Annex I] | [F10Section VIII(D)(2) of the CRS] | ||
| relevant agreement | Regulation 1(5) | |||
| [F9specified financial institution] | [F9regulation 12A(3)] | |||
| [F9specified relevant person] | [F9regulation 12A(4)] | |||
| specified U.S. person | Article 1(1)(gg) | |||
| the tribunal | regulation 24(1) | |||
| [F9UK representative] | [F9regulation 11(2)] | |||
| U.S. reportable account | Article 1(1)(dd) and paragraph I.B of Annex I | |||
| U.S. Treasury Regulations | regulation 24(1) |
Textual Amendments
F3Words in reg. 24(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(a)
F4Words 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)
F5Words 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)
F6Words 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)
F7Words 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)
F8Words in reg. 24(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(c)
F9Words in reg. 24(2) inserted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(b)
F10Words 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