The Data-gathering Powers (Relevant Data) (Amendment) Regulations 2017
Year | 2017 |
2017 No. 1175
Taxes
The Data-gathering Powers (Relevant Data) (Amendment) Regulations 2017
Made 29th November 2017
Laid before the House of Commons 30th November 2017
Coming into force 21th December 2017
The Treasury make the following Regulations in exercise of the powers conferred by paragraph 1(3) of Schedule 23 to the Finance Act 20111:
Citation and commencement
1. These Regulations may be cited as the Data-gathering Powers (Relevant Data) (Amendment) Regulations 2017 and come into force on 21st December 2017.
Amendment of the Data-gathering Powers (Relevant Data) Regulations 2012
2. The Data-gathering Powers (Relevant Data) Regulations 20122are amended as follows.
3. After regulation 11C insert—
“Money service businesses
11D.—(1) The relevant data for a data-holder of the type described in paragraph 13D3of Schedule 23 are—
(a)
(a) records required to be kept by the data-holder under regulation 40 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20174;
(b)
(b) the quantity and value of transactions carried out by the data-holder for a customer during any period;
(c)
(c) identifying information relating to a customer; and
(d)
(d) where, in a transaction carried out by the data-holder for a customer, there is a beneficial owner who is not the customer, identifying information relating to the beneficial owner.
(2) In this regulation “beneficial owner” has the meaning given by regulations 5 and 6 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”.
Mark Spencer
Andrew Griffiths
Two of the Lords Commissioners of Her Majesty’s Treasury
29th November 2017
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Data-gathering Powers (Relevant Data) Regulations 2012 (S.I. 847/2012).
The amendments specify relevant data which an officer of Her Majesty’s Revenue and Customs (“HMRC”) may require from the new category of data-holder introduced into Schedule 23 to the Finance Act 2011 (c.11)by section 69 of the Finance (No.2) Act 2017 (c.32).
The new category of data-holder is money service businesses, from whom...
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