2014 No. 1506

Taxes

The International Tax Compliance (United States of America) Regulations 2014 (revoked)
Made
9th June 2014
Laid before the House of Commons
9th June 2014
Coming into force
30th June 2014
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Introductory

Citation and commencement
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Implementation of the treaty etc
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scope

Meaning of “reporting financial institution”
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “depository institution”
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “investment entity”
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “custodial institution”
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “relevant holding company”
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “treasury company”
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “reportable account”
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-resident reporting financial institution’s UK representative
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Obligations in relation to financial accounts

Identification obligation
11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting obligation
12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Modifications for calendar years 2014 to 2016
13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Obligations in relation to payments to a non-participating financial institution

Identification and disclosure obligations
14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting obligation: payments to non-participating financial institutions
15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Penalties for breach of obligations

Penalties for failure to comply with Regulations
16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Daily default penalty
17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Penalties for inaccurate information: reportable accounts
18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Penalties for failure to report or accurately report payments to non-participating financial institutions
19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Matters to be disregarded in relation to liability to penalties
20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessment of penalties
21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Right to appeal against penalty
22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Procedure on appeal against penalty
23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increased daily default penalty
24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enforcement of penalties
25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Miscellaneous

Accounts with a negative value
26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Anti-avoidance
27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary

Definitions
28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Revocation
29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Regulations revoked (with effect in accordance with reg. 1(4) of the amending S.I.) by The International Tax Compliance Regulations 2015 (S.I. 2015/878), regs. 1(1), 25 (with reg. 1(2)(3))