The International Controlled Transaction Reporting Regulations 2026
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Change 1
22 Matters to be disregarded in relation to liability to penalties
(1) A reporting entity or relevant partner is not liable to a penalty under regulations 19 or 20 if it satisfies an officer of Revenue and Customs (or on appeal to the tribunal, the tribunal) that there is a reasonable excuse. (2) For the purpose of this regulation it is not a reasonable excuse— (a) that there is an insufficiency of funds to do something, or (b) that a person relies on another person to do something. (3) If a reporting entity or relevant partner has a reasonable excuse for a failure but the excuse ceases, the reporting entity or relevant partner is to be treated as continuing to have the excuse if the failure is remedied without unreasonable delay after the excuse ceases. (4) A reporting entity is not liable to a penalty under regulation 21 if it satisfies an officer of Revenue and Customs (or on appeal to the tribunal, the tribunal) that it took reasonable care.
22 Matters to be disregarded in relation to liability to penalties
(1) A reporting entity or relevant partner is not liable to a penalty under regulations 19 or 20 if it satisfies an officer of Revenue and Customs (or on appeal to the tribunal, the tribunal) that there is a reasonable excuse. (2) For the purpose of this regulation it is not a reasonable excuse— (a) that there is an insufficiency of funds to do something, or (b) that a person relies on another person to do something. (3) If a reporting entity or relevant partner has a reasonable excuse for a failure but the excuse ceases, the reporting entity or relevant partner is to be treated as continuing to have the excuse if the failure is remedied without unreasonable delay after the excuse ceases. (4) A reporting entity is not liable to a penalty under regulation 21 if it satisfies an officer of Revenue and Customs (or on appeal to the tribunal, the tribunal) that it took reasonable care.
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