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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The International Tax Compliance (Amendment) Regulations 2021 No. 485 URL: http://www.bailii.org/uk/legis/num_reg/2021/uksi_2021485_en_1.html |
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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Taxes
Made
19th April 2021
Laid before the House of Commons
22nd April 2021
Coming into force
14th May 2021
The Treasury make these Regulations in exercise of the powers conferred by section 222 of the Finance Act 2013( 1):
1. These Regulations may be cited as the International Tax Compliance (Amendment) Regulations 2021 and come into force on 14th May 2021.
2.—(1) The International Tax Compliance Regulations 2015( 2) are amended as follows.
(2) In regulation 1(3)(b)(i), for “19th April 2020” substitute “20th April 2021”( 3).
David Rutley
Michael Tomlinson
Two of the Lords Commissioners of Her Majesty’s Treasury
19th April 2021
(This note is not part of the Regulations)
These Regulations amend the International Tax Compliance Regulations 2015 (“the principal Regulations”) which give effect to agreements and arrangements reached between the United Kingdom and other jurisdictions to improve international tax compliance.
Regulation 2 extends the application of the principal Regulations to arrangements entered into by the United Kingdom for the exchange of financial account information with other jurisdictions up to 20th April 2021, a date before these Regulations are made.
A Tax Information and Impact Note covering the International Tax Compliance Regulations 2015 was published on 18th March 2015 and is available on the HMRC website athttps://www.gov.uk/government/publications/tax-administration-regulations-to-implement-the-uks-automatic-exchange-of-information-agreements. It remains an accurate summary of the impacts of the principal Regulations as amended.
S.I. 2015/878(referred to in these footnotes as “the principal Regulations”); relevant amending instruments are S.I. 2017/598, 2018/490, 2019/881, 2020/438and 2020/1300.
In accordance with “the CRS” — defined in regulation 1(3A) of the principal Regulations as the common reporting standard for automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development, including the commentary on the common reporting standard — the United Kingdom exchanges information received from financial institutions under the principal Regulations with a territory which is a “Reportable Jurisdiction” under the CRS (see definition in section VIII(D)(4) of the CRS) and with which the United Kingdom has entered into international exchange arrangements for that year. Reportable Jurisdictions are identified in a published list available athttps://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402340. A hard copy of this list is available for inspection at the offices of HMRC at 14 Westfield Avenue, 8th floor, Stratford, London, E20 1HZ.
