- Latest available (Revised)
- Point in Time (17/05/2023)
- Original (As made)
Point in time view as at 17/05/2023.
There are currently no known outstanding effects for the The International Tax Compliance Regulations 2015.
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Regulation 1(3)(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 1 omitted (17.5.2017) by virtue of The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 20
Regulation 2(2)(a)
For the purposes of the DAC and the CRS the following are excluded accounts.
1. Pension schemes registered with HMRC under Part 4 of FA 2004 M1.
Marginal Citations
F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F2Sch. 2 para. 2 omitted (13.5.2020) by virtue of The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(5) (with reg. 3)
3. Immediate needs annuities within section 725 ITTOIA 2005 M2.U.K.
4. An account within the meaning of the Individual Savings Account Regulations 1998 M3.
Marginal Citations
M3S.I. 1998/1870, relevantly amended by S.I. 2002/1974, 2007/2119, 2008/704, 2009/1994, 2010/2957, 2011/782 and 2011/1780.
5. A child trust fund within the meaning of the Child Trust Funds Act 2004 M4.U.K.
F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F3Sch. 2 para. 6 omitted (13.5.2020) by virtue of The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(5) (with reg. 3)
7. Children's Bonds issued by the UK National Savings and Investments.U.K.
F48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F4Sch. 2 para. 8 omitted (13.5.2020) by virtue of The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(5) (with reg. 3)
F59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F5Sch. 2 para. 9 omitted (13.5.2020) by virtue of The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(5) (with reg. 3)
10. Tax Exempt Savings Plans issued by a friendly society within the meaning of the Friendly Societies Act 1992 M5.U.K.
Marginal Citations
11. A share incentive plan approved by HMRC under Schedule 2 to ITEPA 2003 M6.U.K.
12. A SAYE option scheme approved by HMRC under Schedule 3 to ITEPA 2003.U.K.
13. A CSOP scheme approved by HMRC under Schedule 4 to ITEPA 2003.U.K.
F614. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F6Sch. 2 paras. 14, 15 omitted (20.11.2015) by virtue of The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(7)
F615. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F6Sch. 2 paras. 14, 15 omitted (20.11.2015) by virtue of The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(7)
Regulation 12F
Textual Amendments
F7Sch. 3 inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 7
1. The form of a client exchange of tax information notification is—U.K.
2. The statement in this paragraph is—U.K.
“Financial institutions in more than 100 jurisdictions around the world are being legally required to find out the tax residence of their account holders and report details of their accounts, structures, trusts, and investments to be exchanged with the appropriate tax authorities. As a UK tax resident, any overseas accounts you have will be sent to HM Revenue & Customs (HMRC). This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.
If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet attached to help you decide now what to do next.”.
3. The statement in this paragraph is—U.K.
“From 2016, HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts, and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.
If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet attached to help you decide now what to do next.]
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