Identification obligations
- Set up systems to identify reportable accounts and keep records for 6 years
UK Statutory Instrument
2014
United Kingdom
The International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014
At a glance
What's here
2 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Reporting obligations
- Submit annual return of reportable accounts to HMRC
Browse 20 other sections — procedural / definitional / commencement
Citation and commencement
Implementation of the agreements etc
Scope: definition of “reporting financial institution”
Scope: definition of “reportable account”
Scope: non-resident reporting financial institution’s UK representative
Modification of due diligence requirements
Electronic return system
Modifications for calendar years 2014 to 2016
Penalties for failure to comply
Daily default penalty
Penalties for inaccurate information
Matters to be disregarded in relation to liability to penalties
Assessment of penalties
Right to appeal against penalty
Procedure on appeal against penalty
Increased daily default penalty
Enforcement of penalties
Accounts with a negative value
Anti-avoidance
Definitions
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