Statutory Instruments
2022 No. 474
Taxes
The International Tax Compliance (Amendment) Regulations 2022
Made
25th April 2022
Laid before the House of Commons
26th April 2022
Coming into force
18th May 2022
The Treasury make these Regulations in exercise of the powers conferred by section 222 of the Finance Act 2013(1):
Citation and commencement
1. These Regulations may be cited as the International Tax Compliance (Amendment) Regulations 2022 and come into force on 18th May 2022.
Amendment to the International Tax Compliance Regulations 2015
2.—(1) The International Tax Compliance Regulations 2015(2) are amended as follows.
(2) In regulation 1(3)(b)(i), for “20th April 2021” substitute “20th April 2022”(3).
Michael Tomlinson
Rebecca Harris
Two of the Lords Commissioners of Her Majesty’s Treasury
25th April 2022
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the International Tax Compliance Regulations 2015 (“the principal Regulations”) which give effect to agreements and arrangements reached between the United Kingdom and other jurisdictions to improve international tax compliance.
Regulation 2 extends the application of the principal Regulations to arrangements entered into by the United Kingdom for the exchange of financial account information with other jurisdictions up to 20th April 2022, a date before these Regulations are made.
A Tax Information and Impact Note covering the International Tax Compliance Regulations 2015 was published on 18th March 2015 and is available on the HMRC website at https://www.gov.uk/government/publications/tax-administration-regulations-to-implement-the-uks-automatic-exchange-of-information-agreements. It remains an accurate summary of the impacts of the principal Regulations as amended.
2013 c.29; section 222 was amended by section 50 of the Finance (No.2) Act 2015 (c.33).
S.I. 2015/878 (referred to in these footnotes as “the principal Regulations”); amending instruments are S.I. 2015/1839, 2016/899, 2017/598, 2018/490, 2019/881, 2020/438, 2020/1300 and 2021/485.
In accordance with “the CRS” — defined in regulation 1(3A) of the principal Regulations as the common reporting standard for automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development, including the commentary on the common reporting standard — the United Kingdom exchanges information received from financial institutions under the principal Regulations with a territory which is a “Reportable Jurisdiction” under the CRS (see definition in section VIII(D)(4) of the CRS) and with which the United Kingdom has entered into international exchange arrangements for that year. Reportable Jurisdictions are identified in a published list available at https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402340. A hard copy of this list is available for inspection at the office of HMRC at 14 Westfield Avenue, 8th floor, Stratford, London E20 1HZ.