The Data-gathering Powers (Relevant Data) (Amendment) Regulations 2017

JurisdictionUK Non-devolved
CitationSI 2017/1175

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
S-1 Citation and commencement

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

Amendment of the Data-gathering Powers (Relevant Data) Regulations 2012

S-2 The Data-gathering Powers (Relevant Data) Regulations 2012 are...

2. The Data-gathering Powers (Relevant Data) Regulations 20122are amended as follows.

S-3 After regulation 11C insert— 11D Money service businesses 1 The...

3. After regulation 11C insert—

S-11D

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...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT