2.—(1) The International Tax Compliance Regulations 2015(1) are amended as follows.
(2) In regulation 1—
(a)in paragraph (3)—
(i)omit sub-paragraph (a), and
(ii)in sub-paragraph (b), omit the “and” at the end of paragraph (i) and omit paragraph (ii),
(b)in paragraph (3A), at the end insert “, including the commentary on the common reporting standard(2)”, and
(c)in paragraph (4)(a), omit “the DAC and”.
(3) In regulation 2—
(a)in paragraphs (1)(b) and (2)(a) and (c), omit “the DAC or”, in each place, and
(b)omit paragraph (5)(a).
(4) In regulation 3—
(a)omit paragraph (3)(a),
(b)in paragraph (3)(b), at the end insert “and the alternative procedure provided in the optional provision in paragraph 13 of the commentary to Section VII of the CRS”,
(c)omit paragraphs (4) and (4A), and
(d)in paragraph (4B), for the words from “but” to the end substitute—
“that deadline is—
(a)in Section VIII(B)(8)(b) (qualified credit card issuer), Section VIII(C)(10) (new account) and Section VIII(C)(17)(f)(ii) (excluded accounts), 1 January 2016,
(b)in Section VIII B(9)(d) (exempt collective investment vehicle), 1 January 2018, and
(c)in all other cases, 31 December 2015”.
(5) In regulation 4 and in the heading to that regulation, omit “the DAC and”.
(6) In regulation 6—
(a)in paragraph (2)(b), omit “the DAC or”, and
(b)omit paragraph (3)(a).
(7) In regulation 12A(3)—
(a)in the introductory words and in sub-paragraph (a), omit, “the DAC or” in both places, and
(b)in sub-paragraph (b), omit “Section VIII(D)(8)(h) of Annex I to the DAC or”.
(8) In regulation 24, in the table in paragraph (2)—
(a)omit the row relating to the expression “the DAC”,
(b)in the column headed “Regulations”, in the entries for “pre-existing account” and “related entity”, omit “regulation 3(4A)” in both places,
(c)omit the column headed “the DAC”,
(d)in the column headed “the CRS”—
(i)in the entry for “pre-existing account”, substitute “subject to paragraph (3), the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS”,
(ii)in the entry for “related entity”, substitute “the replacement for Section VIII(E)(4) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS”, and
(e)in paragraph (3)(b)(ii), for “Section VIII(C)(9) of Annex 1 of the DAC” substitute “the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS”.
S.I. 2015/878; relevant amending instruments are S.I. 2015/1839, 2016/899, 2017/598, 2018/490, and 2020/438.
The commentary to the CRS is available on the OECD website at http://www.oecd.org/ctp/exchange-of-tax-information/standard-for-automatic-exchange-of-financial-information-in-tax-matters.htm. A hard copy is available for inspection free of charge at the offices of HMRC at 100 Parliament Street, London, SW1A 2BQ.