Taxes Introductory Citation and commencement 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Implementation of the treaty etc 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Scope Meaning of “reporting financial institution” 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “depository institution” 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “investment entity” 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “custodial institution” 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “relevant holding company” 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “treasury company” 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meaning of “reportable account” 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-resident reporting financial institution’s UK representative 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Obligations in relation to financial accounts Identification obligation 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reporting obligation 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modifications for calendar years 2014 to 2016 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Obligations in relation to payments to a non-participating financial institution Identification and disclosure obligations 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reporting obligation: payments to non-participating financial institutions 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Penalties for breach of obligations Penalties for failure to comply with Regulations 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Daily default penalty 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Penalties for inaccurate information: reportable accounts 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Penalties for failure to report or accurately report payments to non-participating financial institutions 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Matters to be disregarded in relation to liability to penalties 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Assessment of penalties 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Right to appeal against penalty 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Procedure on appeal against penalty 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increased daily default penalty 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enforcement of penalties 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous Accounts with a negative value 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Anti-avoidance 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supplementary Definitions 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Revocation 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .