UK Statutory Instrument SI 2015/878 United Kingdom

The International Tax Compliance Regulations 2015

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Prosecution 2 of 8 obligations carry a fine up to £5,000. 1 carries different penalties and 5 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Any Person7 Employer1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Employer — also bound by 682 other Acts
TULRCA 1992 72 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.002 Meaning of “reportable account” Regulated
  • Identify and classify reportable accounts under CRS and FATCAAny Person
s.003 Due diligence requirements Regulated
  • Set up due diligence procedures to identify reportable accountsEmployer
s.006 Reporting obligation Regulated
  • Submit annual return of reportable financial accounts to HMRCAny Person
s.009 Additional due diligence and reporting obligations in relation to payments to a non-participating financial institution: FATCA Regulated
  • Report payments to non-participating financial institutions under FATCAAny Person
s.010 Notification to individual reportable persons Prosecution
  • Notify individual reportable persons about data sharing with HMRCAny Person

Unlimited fine

s.010 Registration with HMRC Regulated
  • Register with HMRC as a reporting or specified non-reporting financial institutionAny Person
s.022 Penalties for failure to comply with record-keeping requirements Prosecution
  • Fail to comply with record-keeping requirementsAny Person

Fine up to £5,000

s.022 Penalties for late returns Prosecution
  • Fail to file international tax return on timeAny Person

Fine up to £5,000

42 other provisions — procedural and definitional
s.001 Citation, commencement, effect and interpretation
s.004 Modification of due diligence requirements: ... the CRS
s.005 Modifications of due diligence requirements: FATCA agreement
s.007 Electronic return system
s.007 Reporting of gross proceeds: CRS
s.008 Modifications of reporting requirements: FATCA
s.011 Non-resident reporting financial institution's UK representative
s.012 Use of service providers
s.012 Interpretation of regulations 12A to 12F
s.012 Identifying specified clients: specified financial institution
s.012 Identifying specified clients: specified relevant person
s.012 Client exchange of tax information notifications
s.012 Client exchange of tax information notifications: overseas persons
s.012 Making client exchange of tax information client notifications
s.012 Provision of information
s.012 Provision of a valid self-certification
s.012 Liable persons
s.013 Penalties for failure to comply with Regulations
s.014 Daily default penalty
s.015 Penalties for inaccurate information
s.016 FATCA agreement penalty: non-participating financial institutions
s.017 Matters to be disregarded in relation to liability to penalties
s.018 Assessment of penalties
s.019 Right to appeal against penalty
s.020 Procedure on appeal against penalty
s.021 Increased daily default penalty
s.022 Enforcement of penalties
s.022 Penalties for failure to apply due diligence procedures
s.022 Penalties for inaccurate or incomplete returns
s.022 Penalties for failure to provide notification to individual reportable persons
s.022 Penalties for failure to register with HMRC
s.022 Penalties for failure to provide information
s.022 Penalties for failure to provide a valid self-certification
s.022 Reasonable excuse
s.022 Duplication of liability to penalties
s.022 Assessment of penalties by HMRC
s.022 Time limits and treatment of penalties
s.022 Right to appeal against penalty assessments
s.022 Procedure on appeal
s.023 Anti-avoidance
s.024 Definitions
s.025 Revocation
Schedules

Schedules

0 of 18 shown
18 other schedules
s.sch002 Certain Retirement Accounts or Products
s.sch002 Tax Exempt Savings Plans issued by a friendly society within...
s.sch002 A share incentive plan approved by HMRC under Schedule 2...
s.sch002 A SAYE option scheme approved by HMRC under Schedule 3...
s.sch002 A CSOP scheme approved by HMRC under Schedule 4 to...
s.sch002 (1) A dormant account (other than an annuity contract) with...
s.sch002 Non-registered pension arrangements where the annual contributions are limited to...
s.sch002 Immediate needs annuities within section 725 ITTOIA 2005 .
s.sch002 Certain Tax-favoured Accounts and Products
s.sch002 A child trust fund within the meaning of the Child...
s.sch002 Premium Bonds issued by the UK National Savings and Investments....
s.sch002 Children's Bonds issued by the UK National Savings and Investments....
s.sch002 Fixed Interest Savings Certificates issued by UK National Savings and...
s.sch002 Index Linked Savings Certificates issued by UK National Savings and...
s.sch002 For the purposes of the DAC and the CRS the...
s.sch003 The form of a client exchange of tax information notification...
s.sch003 The statement in this paragraph is— “Financial institutions in more...
s.sch003 The statement in this paragraph is— “From 2016, HM Revenue...

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.