Open consultation
Draft regulations: The International Tax Compliance (Amendment) Regulations 2025
Consultation description
The draft regulations set out further details of:
- a mandatory registration requirement for financial institutions
- the conditions for non-profit organisations to be taken out of scope
- revised penalties for failing to comply with the regulations and the appeals process
- penalties for failure to provide a valid self-certification
These draft regulations will be of interest to:
- financial institutions and third-party service providers
- organisations and bodies that represent financial institutions or their advisors
- holders of financial accounts and the controlling persons of entity account holders
The government is seeking technical feedback on the draft regulations to ensure they operate as the government intends and to identify any areas which need further clarification in more detailed guidance. If you identify any issues for financial institutions operating the revised rules set out in the draft amended regulations, please email [email protected] by 10 January 2025. HMRC are happy to have meetings to discuss technical concerns raised by the draft regulations.
The final regulations are expected to be made in 2025 to come into force on 1 January 2026.