Penalties for breach of obligations U.K.

FATCA agreement penalty: non-participating financial institutions U.K.

16.—(1) In relation to payments that are required to be identified under regulation 9(2), [F1 a reporting financial institution or a UK representative] is liable to—

(a) a penalty of £300 for each failure to report a payment, and

(b) a penalty of £300 for each failure to set out a payment accurately in a report made under regulation 9.

(2) But in relation to a calendar year, [F2 a reporting financial institution’s or UK representative’s] liability for penalties under this regulation is subject to a limit of £3000.

Textual Amendments

F1 Words in reg. 16(1) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 13(1)

F2 Words in reg. 16(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 13(2)