- Status
- In Force
- Penalty ceiling
- Regulated
Does it bind you?
Business-side roles with duties under this instrument.
Employer1
Any Person1
Other Acts binding the same actors
If a role above is yours, these are the other instruments that most often bind it.
Employer — also bound by 682 other Acts
Any Person — also bound by 2340 other Acts
Human Medicines Regulations 2012
184 duties
Merchant Shipping Act 1995
144 duties
Insolvency (England and Wales) Rules 2016
104 duties
Communications Act 2003
92 duties
Road Traffic Act 1988
92 duties
What it requires
Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.
s.006
Identification obligations
Regulated
- Set up systems to identify reportable accounts and keep records for 6 yearsEmployer
s.008
Reporting obligations
Regulated
- Submit annual return of reportable accounts to HMRCAny Person
20 other provisions — procedural and definitional
s.001
Citation and commencement
s.002
Implementation of the agreements etc
s.003
Scope: definition of “reporting financial institution”
s.004
Scope: definition of “reportable account”
s.005
Scope: non-resident reporting financial institution’s UK representative
s.007
Modification of due diligence requirements
s.008
Electronic return system
s.009
Modifications for calendar years 2014 to 2016
s.010
Penalties for failure to comply
s.010
Daily default penalty
s.011
Penalties for inaccurate information
s.012
Matters to be disregarded in relation to liability to penalties
s.013
Assessment of penalties
s.014
Right to appeal against penalty
s.015
Procedure on appeal against penalty
s.015
Increased daily default penalty
s.016
Enforcement of penalties
s.017
Accounts with a negative value
s.018
Anti-avoidance
s.019
Definitions
Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.