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Regulation 22E Penalties for failure to provide notification to individual reportable personsF1

If a reporting financial institution or UK representative fails to comply with regulation 10 (notification to individual reportable persons), the reporting financial institution or UK representative is liable—

(a)

to a penalty not exceeding £100 for each reportable person in respect of which one or more failures have occurred, and

(b)

if any of the failures continue after notice of an assessment of a penalty under paragraph (a) is issued, to a penalty or penalties not exceeding £100 for each subsequent day on which any of the failures continue.

Annotations

Textual amendments

F1

Regs. 22A-22N inserted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 12