[F1Client notification obligationsU.K.

Textual Amendments

Interpretation of regulations 12A to 12FU.K.

12A.—(1) In this regulation and regulations 12B to 12F—

“connected person” means a person connected with the specified financial institution, specified relevant person or relevant person in question within the meaning of “connected” given in section 1122 of CTA 2010;

“officer”, in relation to a specified relevant person or a connected person, includes—

(i)

where a person is a body corporate, a director, manager or secretary;

(ii)

where a person is a partnership, a partner.

“offshore advice or services” has the meaning given in paragraph (2);

“overseas person” means a person who would be a specified financial institution or specified relevant person if they carried on business in the United Kingdom;

“relevant period” means the period of one year ending with 30th September 2016;

“specified client” means an individual who is identified—

(i)

as a specified client of a specified financial institution under regulation 12B, or

(ii)

as a specified client of a specified relevant person under regulation 12C;

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(2) “Offshore advice or services” means advice or services relating to—

(a)a financial account in a participating jurisdiction or the United States of America;

(b)a source of relevant foreign income, as defined by section 830 of ITTOIA 2005, arising from a participating jurisdiction or the United States of America;

(c)a source of employment income, as defined by section 7(2) of ITEPA 2003, arising from a participating jurisdiction or the United States of America;

(d)an asset, as defined by section 21 of TCGA 1992, which is held or situated in a participating jurisdiction or the United States of America.

(3) [F4In these Regulations] “specified financial institution” means a financial institution under the DAC or the CRS, unless that financial institution is—

(a)a non-reporting financial institution under the DAC or the CRS, or

(b)a financial institution that, if it was an NFE, would be an active NFE under Section VIII(D)(8)(h) of Annex I to the DAC or Section VIII(D)(9)(h) of the CRS (organisations with charitable or other non-profit purposes).

(4) [F5In these Regulations] “specified relevant person” means a relevant person who, in the relevant period, has—

(a)provided offshore advice or services in the course of business, or

(b)referred an individual to a connected person outside the United Kingdom for the provision of advice or services relating to the individual’s personal tax affairs.

(5) For the purpose of determining whether a person is a specified relevant person—

(a)offshore advice or services must be disregarded if—

(i)they were provided to an individual by the relevant person only in connection with the preparation and delivery on behalf of that individual of returns and accounts, statements and documents required under section 8 of TMA 1970,

(ii)they were provided to an employee or officer of the relevant person, or

(iii)they were provided to an employee or officer of a connected person;

(b)a referral must be disregarded if—

(i)the individual was an employee or officer of the relevant person, or

(ii)the individual was an employee or officer of a connected person.

(6) Where a specified financial institution is also a specified relevant person, regulations 12B to 12F apply as if it were only a specified financial institution.]

Textual Amendments