2
(a) “new account” means a financial account maintai ned by a reporting financial 
institution(a) opened on or after 13th May 2020; 
(b) “pre-existing account” means— 
 (i) a financial account maintained by a reporting financial institution as of 12th 
May 2020, or 
 (ii) a financial account within Section VIII(C)(9) (b) of Annex 1 of the DAC( b), 
but in the application of that provision the refere nces to “subparagraph 
C(9)(a)” are to be read as references to paragraph (i) of this sub-paragraph. 
(4) The accounts are— 
(a) non-registered pension arrangements where the a nnual contributions are limited to 
£50,000 and funds contributed cannot be accessed be fore the age of 55 except in 
circumstances of serious ill health; 
(b) Premium Bonds issued by the UK National Savings  and Investments; 
(c) Fixed Interest Savings Certificates issued by t he UK National Savings and 
Investments; and 
(d) Index Linked Savings Certificates issued by the  UK National Savings and 
Investments.”. 
(5)  In Schedule 2, omit paragraphs 2, 6, 8 and 9. 
Transitional provision 
3. —(1) For the purposes of the International Tax Comp liance Regulations 2015, in relation to an 
account that by virtue of regulation 2(5) ceases to  be an excluded account, the calendar year 2020 
is treated as beginning on 13th May 2020 and ending on 31st December 2020. 
(2)  Where in consequence of paragraph (1) it is necessa ry to apportion an amount for the 
calendar year 2020 to the period ending immediately  before 13th May 2020 and the period 
beginning with that date, it is to be apportioned— 
(a)  on a time basis according to the respective length of the periods, or 
(b)  if that method would produce a result that is unjus t or unreasonable, on a just and 
reasonable basis. 
 
 David Rutley 
 Maggie Throup 
20th April 2020 Two of the Lords Commissioners of H er Majesty’s Treasury 
 
 
EXPLANATORY NOTE 
(This note is not part of the Regulations) 
The Regulations amend the International Tax Complia nce Regulations 2015 (“the principal 
Regulations”) which give effect to agreements and a rrangements reached between the United 
Kingdom and other jurisdictions to improve international tax compliance. 
Regulation 2(2) extends the application of the prin cipal Regulations to arrangements entered into 
by the United Kingdom for the exchange of financial  account information with other jurisdictions 
up to 19th April 2020, the date before the Regulations are made. 
Regulation 2(5) omits various accounts from the cat egory of excluded accounts. Regulation 
2(4)(b) amends the definitions of “new account” and  “pre-existing account” in relation to those 
                                                                                                                                            
(a) “Financial account” and “reporting financial inst itution” are defined in the table in regulation 24( 2) of the principal 
Regulations. 
(b) “The DAC” is defined in regulation 1(3)(a) of the  principal Regulations.