Liable persons12H

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 Acts11,

b

a venture capital trust within the meaning of Part 6 of ITA 200712, or

c

any arrangements that are a “collective investment scheme” within the meaning of the Financial Services and Markets Act 200013.