# The International Tax Compliance (Amendment) Regulations 2017, Regulation 9: Insertion of regulation 12H (person liable to penalties)


(1) Before regulation 13 and after the heading “Penalties for breach of obligations” insert —
“Liable persons
12H. (1) Where in regulations 13, 14, 15 and 16—
(a) a reporting financial institution, UK representative or specified financial institution is made liable to a penalty, and
(b) the institution or representative is a partnership or trust,
the liability to the penalty falls upon a liable person of the institution or representative.
(2) In paragraph (1), “liable person” means, in relation to—
(a) a partnership, a partner of the partnership,
(b) a trust which is not a collective investment scheme, a trustee of the trust, or
(c) a trust which is a collective investment scheme, a trustee, manager or operator of the scheme.
(3) In this regulation “collective investment scheme” means—
(a) an investment trust within the meaning of the Corporation Tax Acts,
(b) a venture capital trust within the meaning of Part 6 of ITA 2007, or
(c) any arrangements that are a “collective investment scheme” within the meaning of the Financial Services and Markets Act 2000.”.

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Source: https://www.legislation.gov.uk/uksi/2017/598/regulation/9 (the official version)
Page: https://openlegislation.uk/international-tax-compliance-amendment-regulations-2017/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.