# The International Controlled Transaction Reporting Regulations 2026, Regulation 15: Exception to regulation 14 (specification of specified international transaction)


(1) An international controlled transaction is not a specified international controlled transaction where, for the purpose of—
(a) regulation 14(a), paragraphs (2) to (6) apply;
(b) regulation 14(b), paragraphs (3) to (6) apply.
(2) This paragraph applies to an international controlled transaction—
(a) where, by reason of section 165 or 166 of TIOPA 2010, sections 147(3) and (5) of TIOPA 2010 do not apply to the calculation of the profits and losses of the potentially advantaged person in relation to the provision made or imposed by means of that transaction,
(b) which is a distribution, or
(c) which is the means by which provision has been made or imposed and it is relevant to the determination of syndicate profits included in the syndicate return for the underwriting year where—
(i) there is more than one member in the syndicate, and
(ii) if the provision was made or imposed between the person identified in regulation 16(1)(c)(i) and any member of the syndicate, the participation condition cannot be met between the person and each member of the syndicate.
(3) This paragraph applies to a transaction to which an advance pricing agreement has effect, in accordance with Part 5 of TIOPA 2010 (advance pricing agreements), and where the question to be determined in accordance with the advance pricing agreement relates to a matter described in—
(a) section 218(2)(a) to (d), or (f), of TIOPA, or
(b) section 218(2)(e) of TIOPA where the advance pricing agreement specifies the transfer pricing method to be applied to the international controlled transaction.
(4) Where—
(a) an application for an advance pricing agreement has been made in accordance with section 223 of TIOPA 2010 and the question to be determined in accordance with the advance pricing agreement relates to a matter described in paragraph 3(a) or (b),
(b) an officer of Revenue and Customs has confirmed the admissibility of the application in writing, and
(c) the application has not been withdrawn or otherwise ceased to be under consideration by the Commissioners,
paragraph (3) applies to the transactions that are subject to the application as if an advance pricing agreement in respect of those transactions was in force.
(5) This paragraph applies to a transaction in respect of which, in accordance with the ICAP Handbook, a letter—
(a) has been issued by the Commissioners,
(b) assesses the transaction as low risk, and
(c) has effect in relation to the transaction.
(6) For the purpose of this regulation—
“ICAP” means the International Compliance Assurance Programme administered by the OECD;
“the ICAP Handbook” means the ICAP Handbook for tax administrations and MNE groups published by the OECD on 18th February 2021 (as amended from time to time) as interpreted in accordance with, or supplemented by, such documents as may be published by the OECD from time to time as are relevant to the application of ICAP.

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Source: https://www.legislation.gov.uk/uksi/2026/1156/regulation/15 (the official version)
Page: https://openlegislation.uk/international-controlled-transaction-reporting-regulations-2026/regulation-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.