# The International Tax Compliance Regulations 2015, Regulation 12H: Liable persons


(1) Where in these regulations—
(a) a financial 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—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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/2015/878/regulation/12H (the official version)
Page: https://openlegislation.uk/international-tax-compliance-regulations-2015/regulation-12H
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.