The International Tax Compliance (United States of America) Regulations 2014

Made: 9th June 2014

Laid before the House of Commons: 9th June 2014

Coming into force: 30th June 2014

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Introductory

Citation and commencement

1

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Implementation of the treaty etc

2

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Scope

Meaning of “reporting financial institution”

3

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Meaning of “depository institution”

4

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Meaning of “investment entity”

5

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Meaning of “custodial institution”

6

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Meaning of “relevant holding company”

7

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Meaning of “treasury company”

8

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Meaning of “reportable account”

9

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Non-resident reporting financial institution’s UK representative

10

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Obligations in relation to financial accounts

Identification obligation

11

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Reporting obligation

12

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Modifications for calendar years 2014 to 2016

13

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

Identification and disclosure obligations

14

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Reporting obligation: payments to non-participating financial institutions

15

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Penalties for breach of obligations

Penalties for failure to comply with Regulations

16

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Daily default penalty

17

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Penalties for inaccurate information: reportable accounts

18

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

19

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Matters to be disregarded in relation to liability to penalties

20

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Assessment of penalties

21

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Right to appeal against penalty

22

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Procedure on appeal against penalty

23

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Increased daily default penalty

24

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Enforcement of penalties

25

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Miscellaneous

Accounts with a negative value

26

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Anti-avoidance

27

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Supplementary

Definitions

28

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Revocation

29

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Signed

Mark Lancaster — Sam Gyimah — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th June 2014

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]: The meaning of “investment trust” in the Corporation Tax Acts is given in 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).

[^f00007]: 2007 c. 3. The meaning of “venture capital trust” in Part 6 of that Act is given in section 259.

[^f00008]: The meaning of “collective investment scheme” is given in section 235 of the Financial Services and Markets Act 2000. 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, 2001/3650, 2005/57, 2007/800, 2008/1641 and 2008/1813.

[^f00009]: S.I. 2014/685.

[^f00010]: 2009 c. 4. The meaning of “derivative contract” in Part 7 of that Act is given in section 576.

[^f00011]: 2010 c. 4.

[^f00012]: 2010 c. 8.

[^f00013]: 2005 c. 5.

[^f00014]: 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.

[^f00015]: The Regulations can be found on the US Department of the Treasury website at http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx.

[^f00016]: 2013 c. 29.

[^f00017]: S.I. 2013/1962.

Editorial notes