# The International Tax Compliance Regulations 2015, Regulation 24: Definitions Extent: E+W+S+N.I. (1) In these Regulations— “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs, “specified non-reporting financial institution” means a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement, “the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal, “US Treasury Regulations” mean the US Regulations Relating to Information Reporting by Foreign Financial Institutions and Other Foreign Entities . (2) The following table lists the places where expressions that apply for the purposes of these Regulations are defined or otherwise explained— Expression Regulations . . . The CRS The FATCA agreement account holder . . . Section VIII(E)(1) of the CRS Article 1(1)(ee) annuity contract . . . Section VIII(C)(6) of the CRS CRS regulation 1(3)(aa) cash value insurance contract . . . Section VIII(C)(7) of the CRS the Commissioners regulation 24(1) controlling person . . . Section VIII(D)(6) of the CRS Article 1(1)(mm) custodial account . . . Section VIII(C)(3) of the CRS Article 1(1)(u) . . . . . . entity . . . Section VIII(E)(3) of the CRS Article 1(1)(hh) excluded accounts Schedule 2 . . . Section VIII(C)(17) of the CRS the FATCA agreement regulation 1(3)(c) financial account . . . Section VIII(C) of the CRS Article 1(1)(s) financial institution regulation 1(5A) . . . Section VIII(A)(3) of the CRS high value account . . . Section VIII(C)(15) of the CRS Section II(D) of Annex I NFE . . . Section VIII(D)(7) of the CRS investment entity regulation 1(5A) . . . Section VIII(A)(6) of the CRS subject to paragraph (3) new account . . . Section VIII(C)(10) of the CRS non-participating financial institution Article 1(1)(r) non-reporting financial institution . . . Section VIII(B)(1) of the CRS participating jurisdiction regulation 1(7)(d) . . . Section VIII(D)(5) of the CRS subject to regulation 3(4A)(a) and paragraph (3) pre-existing account . . . . . . subject to paragraph (3), the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS Article 1(1)(aa) pre-existing entity account . . . Section VIII(C)(13) of the CRS Section IV of Annex I qualified non-profit entity regulation 1(7)(b) Section VIII(B)(10) of the CRS in paragraph 36sexies of the commentary to Section VIII of the CRS related entity . . . . . . the replacement for Section VIII(E)(4) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS reportable account regulation 2 . . . Section VIII(D)(1) of the CRS Article 1(1)(bb) reportable jurisdiction regulation 1(7)(c) Section VIII(D)(4) of the CRS reporting financial institution . . . Section VIII(A)(1) of the CRS Article 1(1)(n) reportable person . . . Section VIII(D)(2) of the CRS relevant agreement Regulation 1(5) self-certification provider regulation 12GA specified non-reporting financial institution regulation 24(1) . . . . . . . . . . . . specified U.S. person Article 1(1)(gg) the tribunal regulation 24(1) UK representative regulation 11(2) U.S. reportable account Article 1(1)(dd) and paragraph I.B of Annex I U.S. Treasury Regulations regulation 24(1) (3) In respect of the accounts listed in paragraph (4)— (a) “new account” means a financial account maintained by a reporting financial institution opened on or after 13th May 2020; (b) “pre-existing account” means— (i) a financial account maintained by a reporting financial institution as of 12th May 2020, or (ii) a financial account within the replacement for Section VIII(C)(9) of the CRS in paragraph 82 of the commentary to Section VIII of the CRS, but in the application of that provision the references to “subparagraph C(9)(a)” are to be read as references to paragraph (i) of this sub-paragraph. (4) The accounts are— (a) non-registered pension arrangements where the annual contributions are limited to £50,000 and funds contributed cannot be accessed before the age of 55 except in circumstances of serious ill health; (b) Premium Bonds issued by the UK National Savings and Investments; (c) Fixed Interest Savings Certificates issued by the UK National Savings and Investments; and (d) Index Linked Savings Certificates issued by the UK National Savings and Investments. --- Source: https://www.legislation.gov.uk/uksi/2015/878/regulation/24 (the official version) Page: https://openlegislation.uk/international-tax-compliance-regulations-2015/regulation-24 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.