9.—(1) Before regulation 13 and after the heading “Penalties for breach of obligations” insert —
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(1),
(b)a venture capital trust within the meaning of Part 6 of ITA 2007(2), or
(c)any arrangements that are a “collective investment scheme” within the meaning of the Financial Services and Markets Act 2000(3).”.
The meaning of “investment trust” in the Corporation Tax Acts is given in section 1158 of the Corporation Tax Act 2010 (c. 4), section 1158 was substituted by section 49(2) of the Finance Act 2011 (c. 11).
2007 c. 3. The meaning of “venture capital trust in Part 6 of that Act is given in section 259.
2000 c. 8. The meaning of “collective investment scheme” is given in section 235 of the Financial Services and Markets Act 2000. The power under section 235(5) to provide that arrangements do not amount to a collective investment scheme has been exercised by the Treasury by the following instruments: S.I. 2001/1062, 2001/3650, 2005/57, 2007/800, 2008/1641, 2008/1813, 2015/754 and 2015/2061.