The International Tax Compliance Regulations 2015

This section has no associated Explanatory Memorandum

12H.—(1) Where in regulations 13, 14, 15 and 16—

(a)a reporting financial institution, UK representative or specified financial institution is made liable to a penalty, and

(b)the institution or representative is a partnership or trust,

the liability to the penalty falls upon a liable person of the institution or representative.

(2) In paragraph (1), “liable person” means, in relation to—

(a)a partnership, a partner of the partnership,

(b)a trust which is not a collective investment scheme, a trustee of the trust, or

(c)a trust which is a collective investment scheme, a trustee, manager or operator of the scheme.

(3) In this regulation “collective investment scheme” means—

(a)an investment trust within the meaning of the Corporation Tax Acts,

(b)a venture capital trust within the meaning of Part 6 of ITA 2007, or

(c)any arrangements that are a “collective investment scheme” within the meaning of the Financial Services and Markets Act 2000.]

Textual Amendments