Supplementary
Anti-avoidance23.
If—
(b)
the main purpose, or one of the main purposes, of F3... 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,
F4“specified non-reporting financial institution” means a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement,
“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 | F5. . . | The CRS | The FATCA agreement |
account holder | F5. . . | Section VIII(E)(1) of the CRS | Article 1(1)(ee) | |
annuity contract | F5. . . | Section VIII(C)(6) of the CRS | ||
F6CRS | F7regulation 1(3)(aa) | |||
cash value insurance contract | F5. . . | Section VIII(C)(7) of the CRS | ||
the Commissioners | regulation 24(1) | |||
controlling person | F5. . . | Section VIII(D)(6) of the CRS | Article 1(1)(mm) | |
F6custodial account | F5. . . | F6Section VIII(C)(3) of the CRS | F6Article 1(1)(u) | |
F8. . . | F8. . . | |||
entity | F5. . . | Section VIII(E)(3) of the CRS | Article 1(1)(hh) | |
excluded accounts | Schedule 2 | F5. . . | Section VIII(C)(17) of the CRS | |
the FATCA agreement | regulation 1(3)(c) | |||
financial account | F5. . . | Section VIII(C) of the CRS | Article 1(1)(s) | |
financial institution | F9regulation 1(5A) | F5. . . | F9Section VIII(A)(3) of the CRS | |
F10high value account | F5. . . | F10Section VIII(C)(15) of the CRS | F10Section II(D) of Annex I | |
F10NFE | F5. . . | F10Section VIII(D)(7) of the CRS | ||
F11investment entity | F11regulation 1(5A) | F5. . . | F11Section VIII(A)(6) of the CRS | |
F12subject to paragraph (3) new account | F5. . . | Section VIII(C)(10) of the CRS | ||
non-participating financial institution | Article 1(1)(r) | |||
F13non-reporting financial institution | F5. . . | F13Section VIII(B)(1) of the CRS | ||
participating jurisdiction | F14regulation 1(7)(d) | F5. . . | Section VIII(D)(5) of the CRS | |
F15subject to regulation 3(4A)(a) and paragraph (3)F16pre-existing account | F17. . . | F5. . . | F18subject to paragraph (3), the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS | F16Article 1(1)(aa) |
F16pre-existing entity account | F5. . . | F16Section VIII(C)(13) of the CRS | F16Section IV of Annex I | |
F19qualified non-profit entity | regulation 1(7)(b) | Section VIII(B)(10) of the CRS in paragraph 36sexies of the commentary to Section VIII of the CRS | ||
F20related entity | F17. . . | F5. . . | F21the replacement for Section VIII(E)(4) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS | |
reportable account | regulation 2 | F5. . . | Section VIII(D)(1) of the CRS | Article 1(1)(bb) |
F20reportable jurisdiction | F22regulation 1(7)(c) | F20Section VIII(D)(4) of the CRS | ||
reporting financial institution | F5. . . | Section VIII(A)(1) of the CRS | Article 1(1)(n) | |
reportable person | F5. . . | F23Section VIII(D)(2) of the CRS | ||
relevant agreement | Regulation 1(5) | |||
F24self-certification provider | regulation 12GA | |||
specified non-reporting financial institution | regulation 24(1) | |||
F25. . . | F25. . . | |||
F25. . . | F25. . . | |||
specified U.S. person | Article 1(1)(gg) | |||
the tribunal | regulation 24(1) | |||
F20UK representative | F20regulation 11(2) | |||
U.S. reportable account | Article 1(1)(dd) and paragraph I.B of Annex I | |||
U.S. Treasury Regulations | regulation 24(1) |
F26(3)
In respect of the accounts listed in paragraph (4)—
(a)
“new account” means a financial account maintained by a reporting financial institution opened on or after 13th May 2020;
(b)
“pre-existing account” means—
(i)
a financial account maintained by a reporting financial institution as of 12th May 2020, or
(ii)
a financial account within F27the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS, but in the application of that provision the references to “subparagraph C(9)(a)” are to be read as references to paragraph (i) of this sub-paragraph.
(4)
The accounts are—
(a)
non-registered pension arrangements where the annual contributions are limited to £50,000 and funds contributed cannot be accessed before the age of 55 except in circumstances of serious ill health;
(b)
Premium Bonds issued by the UK National Savings and Investments;
(c)
Fixed Interest Savings Certificates issued by the UK National Savings and Investments; and
(d)
Index Linked Savings Certificates issued by the UK National Savings and Investments.
Revocation25.
The International Tax Compliance (United States of America) Regulations 2014 M2 are revoked.