Introduction Details of the Section
2.Subsection (1) provides that HM Treasury may make regulations for the purpose of giving effect to certain agreements or arrangements regarding international tax compliance.
3.Subsections 1(a) - 1(d) set out the type of similar agreements or arrangements to which the regulations may give effect.
4.Subsection (2) (a) and (b) permit HMRC to require specified persons to provide certain information to HMRC in a specified manner at a designated time.
5.Subsection (2) (c) provides that the regulations may impose obligations on relevant financial institutions, including an obligation to obtain details of tax residence from specified persons.
6.Subsections (2) (d) and (e) set out that the regulations may make provision (including provision on penalties) for non compliance and appeals in relation to any penalties imposed.
7.Subsection (3) allows for further provisions to be made as needed in relation to the arrangements or agreements to which subsection 1 refers.
8.Subsection (4) provides relevant definitions.
9.Subsection (5) provides that the exercise of this power does not affect any powers under any other enactment.
10.Subsection (6) provides that regulations made under this power are to be made by statutory instrument.
11.Subsection (7) provides that orders made under the provision are subject to the negative resolution procedure.