Regulation 12H Liable personsF1

(1)

Where in F2these regulations—

(a)

a F3financial institution or UK representative 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—

F4(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

any arrangements that are a “collective investment scheme” within the meaning of the Financial Services and Markets Act 2000.

Annotations

F1: Reg. 12H inserted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 9(1)
F2: Words in reg. 12H(1) substituted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 10(a)
F3: Words in reg. 12H(1)(a) substituted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 10(b)
F4: Reg. 12H(3)(a) omitted (16.7.2025) by virtue of The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 10(c)
F5: Reg. 12H(3)(b) omitted (16.7.2025) by virtue of The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 10(c)