The International Tax Compliance Regulations 2015

Definitions U.K.

24.—(1) In these Regulations—

“the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs,

“the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal,

“US Treasury Regulations” mean the US Regulations Relating to Information Reporting by Foreign Financial Institutions and Other Foreign Entities M1 .

(2) The following table lists the places where expressions that apply for the purposes of these Regulations are defined or otherwise explained—

Expression	Regulations	F1 . . .	The CRS	The FATCA agreement
account holder		F1 . . .	Section VIII(E)(1) of the CRS	Article 1(1)(ee)
annuity contract		F1 . . .	Section VIII(C)(6) of the CRS
[F2 CRS]	[F2 regulation 1(3A)]
cash value insurance contract		F1 . . .	Section VIII(C)(7) of the CRS
the Commissioners	regulation 24(1)
controlling person		F1 . . .	Section VIII(D)(6) of the CRS	Article 1(1)(mm)
[F2 custodial account]		F1 . . .	[F2 Section VIII(C)(3) of the CRS]	[F2 Article 1(1)(u)]
F3 . . .	F3 . . .
entity		F1 . . .	Section VIII(E)(3) of the CRS	Article 1(1)(hh)
excluded accounts	Schedule 2	F1 . . .	Section VIII(C)(17) of the CRS
the FATCA agreement	regulation 1(3)(c)
financial account		F1 . . .	Section VIII(C) of the CRS	Article 1(1)(s)
financial institution	[F4 regulation 1(5A)]	F1 . . .	[F4 Section VIII(A)(3) of the CRS ]
[F5 high value account]		F1 . . .	[F5 Section VIII(C)(15) of the CRS]	[F5 Section II(D) of Annex I]
[F5 NFE]		F1 . . .	[F5 Section VIII(D)(7) of the CRS]
[F6 investment entity]	[F6 regulation 1(5A)]	F1 . . .	[F6 Section VIII(A)(6) of the CRS]
[F7 subject to paragraph (3)] new account		F1 . . .	Section VIII(C)(10) of the CRS
non-participating financial institution				Article 1(1)(r)
[F8 non-reporting financial institution]		F1 . . .	[F8 Section VIII(B)(1) of the CRS]
participating jurisdiction	Schedule 1	F1 . . .	Section VIII(D)(5) of the CRS
[F9 subject to regulation 3(4A)(a) and paragraph (3)] [F10 pre-existing account]	F11 . . .	F1 . . .	[F12 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]	[F10 Article 1(1)(aa)]
[F10 pre-existing entity account]		F1 . . .	[F10 Section VIII(C)(13) of the CRS]	[F10 Section IV of Annex I]
[F13 related entity]	F11 . . .	F1 . . .	[F14 the replacement for Section VIII(E)(4) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS]
reportable account	regulation 2	F1 . . .	Section VIII(D)(1) of the CRS	Article 1(1)(bb)
[F13 reportable jurisdiction]			[F13 Section VIII(D)(4) of the CRS]
reporting financial institution		F1 . . .	Section VIII(A)(1) of the CRS	Article 1(1)(n)
reportable person		F1 . . .	[F15 Section VIII(D)(2) of the CRS]
relevant agreement	Regulation 1(5)
[F13 specified financial institution]	[F13 regulation 12A(3)]
[F13 specified relevant person]	[F13 regulation 12A(4)]
specified U.S. person				Article 1(1)(gg)
the tribunal	regulation 24(1)
[F13 UK representative]	[F13 regulation 11(2)]
U.S. reportable account				Article 1(1)(dd) and paragraph I.B of Annex I
U.S. Treasury Regulations	regulation 24(1)

[F16 (3) In respect of the accounts listed in paragraph (4)—

(a) “new account” means a financial account maintained by a reporting financial institution opened on or after 13th May 2020;

(b) “pre-existing account” means—

(i) a financial account maintained by a reporting financial institution as of 12th May 2020, or

(ii) a financial account within [F17 the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS], but in the application of that provision the references to “subparagraph C(9)(a)” are to be read as references to paragraph (i) of this sub-paragraph.

(4) The accounts are—

(a) 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;

(b) Premium Bonds issued by the UK National Savings and Investments;

(c) Fixed Interest Savings Certificates issued by the UK National Savings and Investments; and

(d) Index Linked Savings Certificates issued by the UK National Savings and Investments.]

Textual Amendments

F1 Words in reg. 24(2) omitted (31.12.2020) by virtue of The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(c)

F2 Words in reg. 24(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(a)

F3 Words in reg. 24(2) omitted (31.12.2020) by virtue of The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(a)

F4 Words in reg. 24(2) substituted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(a)

F5 Words in reg. 24(2) inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 6(a)

F6 Words in reg. 24(2) inserted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(b)

F7 Words in reg. 24(2) inserted (13.5.2020) by The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(4)(a)(i) (with reg. 3)

F8 Words in reg. 24(2) inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 6(b)

F9 Words in reg. 24(2) inserted (13.5.2020) by The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(4)(a)(ii) (with reg. 3)

F10 Words in reg. 24(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(c)

F11 Words in reg. 24(2) omitted (31.12.2020) by virtue of The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(b)

F12 Words in reg. 24(2) substituted (31.12.2020) by The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(d)(i)

F13 Words in reg. 24(2) inserted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(b)

F14 Words in reg. 24(2) substituted (31.12.2020) by The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(d)(ii)

F15 Words in reg. 24(2) substituted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(c)

F16 Reg. 24(3)(4) inserted (13.5.2020) by The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(4)(b) (with reg. 3)

F17 Words in reg. 24(3)(b)(ii) substituted (31.12.2020) by The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(e)

Marginal Citations

M1 The Regulations can be found on the US Department of the Treasury website at http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx.