Supplementary
Anti-avoidance23
If—
a
F6a 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 F7the 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 | F16. . . | The CRS | The FATCA agreement |
account holder | F16. . . | Section VIII(E)(1) of the CRS | Article 1(1)(ee) | |
annuity contract | F16. . . | Section VIII(C)(6) of the CRS | ||
F8CRS | F8regulation 1(3A) | |||
cash value insurance contract | F16. . . | Section VIII(C)(7) of the CRS | ||
the Commissioners | regulation 24(1) | |||
controlling person | F16. . . | Section VIII(D)(6) of the CRS | Article 1(1)(mm) | |
F8custodial account | F16. . . | F8Section VIII(C)(3) of the CRS | F8Article 1(1)(u) | |
F14. . . | F14. . . | |||
entity | F16. . . | Section VIII(E)(3) of the CRS | Article 1(1)(hh) | |
excluded accounts | Schedule 2 | F16. . . | Section VIII(C)(17) of the CRS | |
the FATCA agreement | regulation 1(3)(c) | |||
financial account | F16. . . | Section VIII(C) of the CRS | Article 1(1)(s) | |
financial institution | F1regulation 1(5A) | F16. . . | F1Section VIII(A)(3) of the CRS | |
F4high value account | F16. . . | F4Section VIII(C)(15) of the CRS | F4Section II(D) of Annex I | |
F4NFE | F16. . . | F4Section VIII(D)(7) of the CRS | ||
F2investment entity | F2regulation 1(5A) | F16. . . | F2Section VIII(A)(6) of the CRS | |
F12subject to paragraph (3) new account | F16. . . | Section VIII(C)(10) of the CRS | ||
non-participating financial institution | Article 1(1)(r) | |||
F5non-reporting financial institution | F16. . . | F5Section VIII(B)(1) of the CRS | ||
participating jurisdiction | Schedule 1 | F16. . . | Section VIII(D)(5) of the CRS | |
F13subject to regulation 3(4A)(a) and paragraph (3)F10pre-existing account | F15. . . | F16. . . | F17subject 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 | F10Article 1(1)(aa) |
F10pre-existing entity account | F16. . . | F10Section VIII(C)(13) of the CRS | F10Section IV of Annex I | |
F9related entity | F15. . . | F16. . . | F18the 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 | F16. . . | Section VIII(D)(1) of the CRS | Article 1(1)(bb) |
F9reportable jurisdiction | F9Section VIII(D)(4) of the CRS | |||
reporting financial institution | F16. . . | Section VIII(A)(1) of the CRS | Article 1(1)(n) | |
reportable person | F16. . . | F3Section 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) |
F113
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.