Supplementary
Anti-avoidance23.
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.
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 | F3. . . | The CRS | The FATCA agreement |
account holder | F3. . . | Section VIII(E)(1) of the CRS | Article 1(1)(ee) | |
annuity contract | F3. . . | Section VIII(C)(6) of the CRS | ||
F4CRS | F4regulation 1(3A) | |||
cash value insurance contract | F3. . . | Section VIII(C)(7) of the CRS | ||
the Commissioners | regulation 24(1) | |||
controlling person | F3. . . | Section VIII(D)(6) of the CRS | Article 1(1)(mm) | |
F4custodial account | F3. . . | F4Section VIII(C)(3) of the CRS | F4Article 1(1)(u) | |
F5. . . | F5. . . | |||
entity | F3. . . | Section VIII(E)(3) of the CRS | Article 1(1)(hh) | |
excluded accounts | Schedule 2 | F3. . . | Section VIII(C)(17) of the CRS | |
the FATCA agreement | regulation 1(3)(c) | |||
financial account | F3. . . | Section VIII(C) of the CRS | Article 1(1)(s) | |
financial institution | F6regulation 1(5A) | F3. . . | F6Section VIII(A)(3) of the CRS | |
F7high value account | F3. . . | F7Section VIII(C)(15) of the CRS | F7Section II(D) of Annex I | |
F7NFE | F3. . . | F7Section VIII(D)(7) of the CRS | ||
F8investment entity | F8regulation 1(5A) | F3. . . | F8Section VIII(A)(6) of the CRS | |
F9subject to paragraph (3) new account | F3. . . | Section VIII(C)(10) of the CRS | ||
non-participating financial institution | Article 1(1)(r) | |||
F10non-reporting financial institution | F3. . . | F10Section VIII(B)(1) of the CRS | ||
participating jurisdiction | Schedule 1 | F3. . . | Section VIII(D)(5) of the CRS | |
F11subject to regulation 3(4A)(a) and paragraph (3)F12pre-existing account | F13. . . | F3. . . | F14subject 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 | F12Article 1(1)(aa) |
F12pre-existing entity account | F3. . . | F12Section VIII(C)(13) of the CRS | F12Section IV of Annex I | |
F15related entity | F13. . . | F3. . . | F16the 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 | F3. . . | Section VIII(D)(1) of the CRS | Article 1(1)(bb) |
F15reportable jurisdiction | F15Section VIII(D)(4) of the CRS | |||
reporting financial institution | F3. . . | Section VIII(A)(1) of the CRS | Article 1(1)(n) | |
reportable person | F3. . . | F17Section VIII(D)(2) of the CRS | ||
relevant agreement | Regulation 1(5) | |||
F15specified financial institution | F15regulation 12A(3) | |||
F15specified relevant person | F15regulation 12A(4) | |||
specified U.S. person | Article 1(1)(gg) | |||
the tribunal | regulation 24(1) | |||
F15UK representative | F15regulation 11(2) | |||
U.S. reportable account | Article 1(1)(dd) and paragraph I.B of Annex I | |||
U.S. Treasury Regulations | regulation 24(1) |
F18(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 F19the 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.