UK Statutory Instrument
2015
United Kingdom
The International Tax Compliance Regulations 2015
At a glance
What's here
6 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.
Schedules
Browse 18 other Schedules — structural / supplementary
Tax Exempt Savings Plans issued by a friendly society within...
A share incentive plan approved by HMRC under Schedule 2...
A SAYE option scheme approved by HMRC under Schedule 3...
A CSOP scheme approved by HMRC under Schedule 4 to...
(1) A dormant account (other than an annuity contract) with...
Non-registered pension arrangements where the annual contributions are limited to...
Immediate needs annuities within section 725 ITTOIA 2005 .
Certain Tax-favoured Accounts and Products
A child trust fund within the meaning of the Child...
Premium Bonds issued by the UK National Savings and Investments....
Children's Bonds issued by the UK National Savings and Investments....
Fixed Interest Savings Certificates issued by UK National Savings and...
Index Linked Savings Certificates issued by UK National Savings and...
For the purposes of the DAC and the CRS the...
The form of a client exchange of tax information notification...
The statement in this paragraph is— “Financial institutions in more...
The statement in this paragraph is— “From 2016, HM Revenue...
Meaning of “reportable account”
- Identify and classify reportable accounts under CRS and FATCA
Due diligence requirements
- Set up due diligence procedures to identify reportable accounts
Reporting obligation
- Submit annual return of reportable financial accounts to HMRC
Additional due diligence and reporting obligations in relation to payments to a non-participating financial institution: FATCA
- Report payments to non-participating financial institutions under FATCA
Notification to individual reportable persons
- Notify individual reportable persons about data sharing with HMRC
Registration with HMRC
- Register with HMRC as a reporting or specified non-reporting financial institution
Browse 44 other sections — procedural / definitional / commencement
Citation, commencement, effect and interpretation
Modification of due diligence requirements: ... the CRS
Modifications of due diligence requirements: FATCA agreement
Electronic return system
Reporting of gross proceeds: CRS
Modifications of reporting requirements: FATCA
Non-resident reporting financial institution's UK representative
Use of service providers
Interpretation of regulations 12A to 12F
Identifying specified clients: specified financial institution
Identifying specified clients: specified relevant person
Client exchange of tax information notifications
Client exchange of tax information notifications: overseas persons
Making client exchange of tax information client notifications
Provision of information
Provision of a valid self-certification
Liable persons
Penalties for failure to comply with Regulations
Daily default penalty
Penalties for inaccurate information
FATCA agreement penalty: non-participating financial institutions
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
Penalties for failure to apply due diligence procedures
Penalties for failure to comply with record-keeping requirements
Penalties for late returns
Penalties for inaccurate or incomplete returns
Penalties for failure to provide notification to individual reportable persons
Penalties for failure to register with HMRC
Penalties for failure to provide information
Penalties for failure to provide a valid self-certification
Reasonable excuse
Duplication of liability to penalties
Assessment of penalties by HMRC
Time limits and treatment of penalties
Right to appeal against penalty assessments
Procedure on appeal
Anti-avoidance
Definitions
Revocation
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