Regulation 24 Definitions

United Kingdom

(1)

In these Regulations—

“the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs,
F1“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 M1.

(2)

The following table lists the places where expressions that apply for the purposes of these Regulations are defined or otherwise explained—

Expression	Regulations	F2. . .	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
F3CRS	F4regulation 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)
F5. . .	. . .
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	F6regulation 1(5A)	. . .	Section VIII(A)(3) of the CRS
F7high value account		. . .	Section VIII(C)(15) of the CRS	Section II(D) of Annex I
NFE		. . .	Section VIII(D)(7) of the CRS
F8investment entity	regulation 1(5A)	. . .	Section VIII(A)(6) of the CRS
F9subject to paragraph (3) new account		. . .	Section VIII(C)(10) of the CRS
non-participating financial institution				Article 1(1)(r)
F10non-reporting financial institution		. . .	Section VIII(B)(1) of the CRS
participating jurisdiction	F11regulation 1(7)(d)	. . .	Section VIII(D)(5) of the CRS
F12subject to regulation 3(4A)(a) and paragraph (3) F13pre-existing account	F14. . .	. . .	F15subject 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
F16qualified 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
F17related entity	. . .	. . .	F18the 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	F19regulation 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		. . .	F20Section VIII(D)(2) of the CRS
relevant agreement	Regulation 1(5)
F21self-certification provider	regulation 12GA
specified non-reporting financial institution	regulation 24(1)
F22. . .	. . .
. . .	. . .
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)

F23(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 F24the 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.

Annotations

Textual amendments

F1: Words in reg. 24(1) inserted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(a)
F2: Words in reg. 24(2) omitted (31.12.2020) by virtue of The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(c)
F3: Words in reg. 24(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(a)
F4: Words in reg. 24(2) substituted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(b)(ii) (with reg. 1(2))
F5: Words in reg. 24(2) omitted (31.12.2020) by virtue of The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(a)
F6: Words in reg. 24(2) substituted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(a)
F7: Words in reg. 24(2) inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 6(a)
F8: Words in reg. 24(2) inserted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(b)
F9: Words in reg. 24(2) inserted (13.5.2020) by The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(4)(a)(i) (with reg. 3)
F10: Words in reg. 24(2) inserted (30.9.2016) by The International Tax Compliance (Client Notification) Regulations 2016 (S.I. 2016/899), regs. 1, 6(b)
F11: Words in reg. 24(2) substituted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(b)(iii) (with reg. 1(2))
F12: Words in reg. 24(2) inserted (13.5.2020) by The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(4)(a)(ii) (with reg. 3)
F13: Words in reg. 24(2) substituted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(c)
F14: Words in reg. 24(2) omitted (31.12.2020) by virtue of The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(b)
F15: Words in reg. 24(2) substituted (31.12.2020) by The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(d)(i)
F16: Words in reg. 24(2) inserted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(b)(v) (with reg. 1(2))
F17: Words in reg. 24(2) inserted (17.5.2017) by The International Tax Compliance (Amendment) Regulations 2017 (S.I. 2017/598), regs. 1(1), 19(b)
F18: Words in reg. 24(2) substituted (31.12.2020) by The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(d)(ii)
F19: Words in reg. 24(2) inserted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(b)(iv) (with reg. 1(2))
F20: Words in reg. 24(2) substituted (20.11.2015) by The International Tax Compliance (Amendment) Regulations 2015 (S.I. 2015/1839), regs. 1, 2(5)(c)
F21: Words in reg. 24(2) inserted (16.7.2025) by The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(b)(vi)
F22: Words in reg. 24(2) omitted (16.7.2025) by virtue of The International Tax Compliance (Amendment) Regulations 2025 (S.I. 2025/740), regs. 1(1), 14(b)(i)
F23: Reg. 24(3)(4) inserted (13.5.2020) by The International Tax Compliance (Amendment) Regulations 2020 (S.I. 2020/438), regs. 1, 2(4)(b) (with reg. 3)
F24: Words in reg. 24(3)(b)(ii) substituted (31.12.2020) by The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 (S.I. 2020/1300), regs. 1, 2(8)(e)

Marginal citations

M1: The Regulations can be found on the US Department of the Treasury website at http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx.