The International Tax Compliance Regulations 2015

Regulation 1(3)(b)

SCHEDULE 1 Participating jurisdictions

The participating jurisdictions for the purposes of the CRS are set out in the following list.

Albania

Andorra

Anguilla

Antigua and Barbuda

Argentina

Aruba

Austria

Australia

The Bahamas

Barbados

Belgium

Belize

Bermuda

Brazil

British Virgin Islands

Brunei Darussalam

Bulgaria

Canada

Cayman Islands

Chile

China

Colombia

Costa Rica

Croatia

Curacao

Cyprus

Czech Republic

Denmark

Dominica

Estonia

Faroe Islands

Finland

France

Germany

Gibraltar

Greece

Greenland

Grenada

Guernsey

Hong Kong (China)

Hungary

Iceland

India

Indonesia

Ireland

Isle of Man

Israel

Italy

Japan

Jersey

Korea

Latvia

Liechtenstein

Lithuania

Luxembourg

Macao (China)

Malaysia

Malta

Marshall Islands

Mauritius

Mexico

Monaco

Montserrat

Netherlands

New Zealand

Niue

Norway

Poland

Portugal

Qatar

Romania

Russian Federation

Saint Kitts and Nevis

Saint Lucia

Saint Vincent and the Grenadines

Samoa

San Marino

Saudi Arabia

Seychelles

Singapore

Sint Maarten

Slovak Republic

Slovenia

South Africa

Spain

Sweden

Switzerland

Trinidad and Tobago

Turkey

Turks and Caicos Islands

United Arab Emirates

Uruguay

Regulation 2(2)(a)

SCHEDULE 2 Excluded accounts

For the purposes of the DAC and the CRS the following are excluded accounts.

Certain Retirement Accounts or Products

1.  Pension schemes registered with HMRC under Part 4 of FA 2004(1).

2.  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.

3.  Immediate needs annuities within section 725 ITTOIA 2005(2).

Certain Tax-favoured Accounts and Products

4.  An account within the meaning of the Individual Savings Account Regulations 1998(3).

5.  A child trust fund within the meaning of the Child Trust Funds Act 2004(4).

6.  Premium Bonds issued by the UK National Savings and Investments.

7.  Children’s Bonds issued by the UK National Savings and Investments.

8.  Fixed Interest Savings Certificates issued by UK National Savings and Investments.

9.  Index Linked Savings Certificates issued by UK National Savings and Investments.

10.  Tax Exempt Savings Plans issued by a friendly society within the meaning of the Friendly Societies Act 1992(5).

11.  A share incentive plan approved by HMRC under Schedule 2 to ITEPA 2003(6).

12.  A SAYE option scheme approved by HMRC under Schedule 3 to ITEPA 2003.

13.  A CSOP scheme approved by HMRC under Schedule 4 to ITEPA 2003.

14.  A venture capital trust approved for the purposes of Part 6 of ITA 2007(7) by the Commissioners.

15.—(1) A dormant account (other than an annuity contract) with a balance that does not exceed US$1,000.

(2) An account is a dormant account if—

(a) the account holder has not initiated a transaction with regard to the account or any other account held by the account holder with the reporting financial institution in the previous three years,

(b) the account holder has not communicated with the reporting financial institution regarding the account or any other account held by the account holder with the reporting financial institution in the previous six years,

(c) the account is treated as a dormant account under the reporting financial institutions normal operating procedures, and

(d) in the case of a cash value insurance contract, the reporting financial institution has not communicated with the account holder regarding the account or any other account held by the account holder with the reporting financial institution in the previous six years.

(1)

2004 c. 12.

(2)

2005 c. 5.

(3)

S.I. 1998/1870, relevantly amended by S.I. 2002/1974, 2007/2119, 2008/704, 2009/1994, 2010/2957, 2011/782 and 2011/1780.

(4)

2004 c. 6.

(5)

1992 c. 40.

(6)

2003 c. 1.

(7)

2007 c. 3.