# The International Tax Compliance (Amendment) Regulations 2017, Regulation 10: Amendment of regulation 13 (penalties for failure to comply with Regulations)


For regulation 13 substitute—
“13. (1) If a reporting financial institution or UK representative fails to comply with any obligation under regulations 2 to 11 or regulation 12G, the institution or representative is liable to a penalty of £300.
(2) If a specified financial institution or specified relevant person fails to comply with any obligation under regulations 12B to 12E, the institution or person is liable to a penalty of £3,000.
(3) If a specified financial institution or specified relevant person fails to comply with any obligation under regulation 12G, the institution or person is liable to a penalty of £300.”.

---
Source: https://www.legislation.gov.uk/uksi/2017/598/regulation/10 (the official version)
Page: https://openlegislation.uk/international-tax-compliance-amendment-regulations-2017/regulation-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.