The International Tax Compliance (United States of America) Regulations 2013

Made: 6th August 2013

Laid before the House of Commons: 7th August 2013

Coming into force: 1st September 2013

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Introductory

Citation and commencement

1

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Implementation of the treaty etc

2

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Scope

Scope: definition of “reporting financial institution”

3

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Scope: definition of “reportable account”

4

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Scope: non-resident reporting financial institution’s UK representative

5

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Obligations in relation to financial accounts

Identification obligation

6

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Modification of due diligence requirements

7

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Reporting obligation

8

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Modifications for calendar years 2014 to 2016

9

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Obligations in relation to payments to a non-participating financial institution

Identification and disclosure obligations

10

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Reporting obligation

11

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Penalties for breach of obligations

Penalties for failure to comply otherwise than with regulation 11

12

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Penalties for inaccurate information: reportable accounts

13

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Penalties for failure to report or accurately report payments to non-participating financial institutions

14

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Matters to be disregarded in relation to liability to penalties

15

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Assessment of penalties

16

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Right to appeal against penalty

17

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Procedure on appeal against penalty

18

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Enforcement of penalties

19

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Miscellaneous

Accounts with a negative value

20

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Anti-avoidance

21

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Supplementary

Definitions

22

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Signed

Mark Lancaster — Anne Milton — Two of the Lords Commissioners of Her Majesty’s Treasury — 6th August 2013

Explanatory note

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Footnotes

[^f00001]: 2013 c. 29.

[^f00002]: That agreement, as signed on that date, is contained in a Command Paper published by the Stationery Office Ltd with the title “Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA” (Cm 8445, 2012); the Command Paper is available on the Official Documents website at http://www.official-documents.gov.uk/document/cm84/8445/8445.pdf.

[^f00003]: 2000 c. 8.

[^f00004]: S.I. 2001/544, amended by S.I. 2002/682.

[^f00005]: S.I. 2011/99.

[^f00006]: S.I. 2006/964. Part 2B was inserted by S.I. 2009/2036.

[^f00007]: 2009 c. 4. The meaning of “derivative contract” in Part 7 of that Act is provided at section 576.

[^f00008]: The meaning of “investment trust” in the Corporation Tax Acts is provided at section 1158 of the Corporation Tax Act 2010 (c. 4). Section 1158 was substituted by section 49 (2) of the Finance Act 2011 (c. 11).

[^f00009]: 2007 c. 3. The meaning of “venture capital trust” in Part 6 of that Act is provided at section 259.

[^f00010]: 2000.c.8. The meaning of “collective investment scheme” is provided at section 235 of that Act. The power under section 235(5) to provide that arrangements do not amount to a collective investment scheme has been exercised by the Treasury by the following instruments: S.I .2001/1062, type=start time=14220109284292001/3650,type=end time=1422010928429 2005/57, 2007/800, 2008/1641 and 2008/1813.

[^f00011]: 2010 c. 8.

[^f00012]: 2005 c. 5.

[^f00013]: 1970 c. 9. The Taxes Management Act 1970 was relevantly amended by sections 45(1) and 67(2) of the Finance (No. 2) Act 1975 (c. 45); section 68 of the Finance Act 1982 (c. 39); section 156(2) and (4) of the Finance Act 1989 (c. 26); section 199 of and paragraphs 18(1) and (2) of Schedule 19 to the Finance Act 1994 (c. 9); paragraph 28 of Schedule 19 to the Finance Act 1998 (c. 36); section 88 of and paragraph 31 of Schedule 29 to the Finance Act 2001 (c. 9); paragraph 21 of Schedule 1 to the Constitutional Reform Act 2005 (c. 4); paragraph 257(a) and (b) of Schedule 1 to and Part 1 of Schedule 3 to the Income Tax Act 2007 (c. 3); section 119(12)(a) of the Finance Act 2008 (c. 9); paragraph 31 of Schedule 7 to the Taxation (International and Other Provisions) Act 2010 (c. 8); S.I. 1994/1813 and 2009/56.

[^f00014]: 2013 c. 29.

Editorial notes