{
  "url": "https://openlegislation.uk/international-tax-compliance-crown-dependencies-and-gibraltar-regulations-2014/regulation-4",
  "json_url": "https://openlegislation.uk/international-tax-compliance-crown-dependencies-and-gibraltar-regulations-2014/regulation-4.json",
  "legislation": "uksi/2014/520",
  "legislation_title": "The International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014",
  "legislation_url": "https://openlegislation.uk/international-tax-compliance-crown-dependencies-and-gibraltar-regulations-2014",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Scope: definition of “reportable account”",
  "text": "(1) In these Regulations a “reportable account” means—\n(a) an account which is a reportable account for the relevant agreement maintained in the United Kingdom by a reporting financial institution for the purposes of its business as described in regulation 3(1), and\n(b) an account that is—\n(i) a preexisting individual account meeting the description at paragraph II.A of Annex I,\n(ii) a new individual account meeting the description at paragraph III.A of that Annex,\n(iii) a preexisting entity account meeting the description at paragraph IV.A of that Annex, or\n(iv) a new entity account meeting the description at paragraph V.A of that Annex.\n(2) But an account in any of paragraphs (i) to (iv) of paragraph (1)(b) is not a reportable account for a calendar year if—\n(a) there is an election by the reporting financial institution in force for that year to treat such accounts as not being a reportable account, and\n(b) the account meets any further description specified by the institution in its election.\n(3) An election under paragraph (2)—\n(a) is to be made by being given to the Commissioners,\n(b) must specify the description of accounts in relation to which the election is to have effect, and\n(c) must be made in the return required by regulation 8.\n(4) For the purposes of these Regulations—\n(a) any reference to an entity account is to a financial account which is not an account the account holder of which (or, if more than one, each account holder of which) is an individual holding the account otherwise than as a partner of a partnership, and\n(b) any reference to an individual account is to a financial account held in the name of an individual (whether solely or jointly with another) but not as a partner or a partnership.\n(5) For the purposes of determining—\n(a) whether or not a financial account maintained by an institution meets any of the descriptions in paragraph (1)(b), and\n(b) which case in regulation 6(4) applies to an account,\nthe institution must apply the account balance aggregation and currency translation rules at paragraph VI.C of Annex I.\nBut, in determining the balance or value of an account denominated in a currency other than US dollars, instead of applying the currency translation rule in sub-paragraph VI.C.4 of Annex I, the institution may translate the relevant dollar threshold amounts referred to in Annex 1 and regulation 6(4) into the other currency by reference to the spot rate of exchange on the date for which the institution is determining the threshold amounts.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 4 in force at 31.3.2014, see reg. 1(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/520/regulation/4",
    "retrieved_at": "2026-10-29T00:24:31.607999+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}