The Data-gathering (Ongoing Data: Interest and Payment Card Transactions) Regulations 2026
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2 Interpretation
In these Regulations— “annual ongoing data”, in relation to a relevant financial institution and a tax year, has the meaning given by regulation 8; “beneficiary” has the meaning given by paragraph 1(b) of— Schedule 1, in relation to a relevant annual amount; Schedule 2, in relation to a relevant quarterly amount; “the CRS” means the Common Reporting Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Co-operation and Development, as amended from time to time; “dormant account” means an account, within the meaning of section 9 of the Dormant Bank and Building Society Accounts Act 2008 (account), which is dormant within the meaning of section 10 of that Act (dormant); “electronic lending system operator” means a person carrying on an activity which is a specified kind of activity under article 36H of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (operating an electronic system in relation to lending); “financial institution” means a Financial Institution within the meaning of Section VIII(A)(3) of the CRS (defined terms), other than one which is such an institution because, and only because, it is a Specified Insurance Company within the meaning of Section VIII(A)(8) of the CRS; “investment plan regulations” means regulations under section 694(1) of the Income Tax (Trading and Other Income) Act 2005 (income from individual investment plans); “merchant account” means an account held by a retailer with a merchant acquirer, by reference to which the amount due to be paid by the merchant acquirer to the retailer in settlement of payment card transactions is calculated; “merchant acquirer” means a person falling within paragraph 13A of Schedule 23 to the Finance Act 2011 (merchant acquirers etc); “monthly ongoing data”, in relation to a relevant merchant acquirer and a month, has the meaning given by regulation 13; “ongoing data”, in relation to a relevant person, means the person’s— annual ongoing data and quarterly ongoing data, where the person is a relevant financial institution; monthly ongoing data, where the person is a relevant merchant acquirer; “paid or credited”, in relation to a relevant financial institution and an amount of interest, means paid or credited in the course of carrying on business as a financial institution or an electronic lending system operator; “payment card transaction” has the same meaning as in paragraph 13A(2) of Schedule 23 to the Finance Act 2011; “quarterly data period” means any of the following periods— the period beginning with 6th April and ending with the following 5th July; the period beginning with 6th July and ending with the following 5th October; the period beginning with 6th October and ending with the following 5th January; the period beginning with 6th January and ending with the following 5th April; “quarterly ongoing data”, in relation to a relevant financial institution and a quarterly data period, has the meaning given by regulation 9; “quarterly reporting interest” means interest on a current account or savings account; “recipient” has the meaning given by paragraph 1(a) of— Schedule 1, in relation to a relevant annual amount; Schedule 2, in relation to a relevant quarterly amount; “relevant annual amount”, in relation to a relevant financial institution and a tax year, means an amount of interest, other than quarterly reporting interest, paid or credited by the relevant financial institution during the tax year; “relevant dormant account” means a dormant account which is a relevant dormant asset within the meaning of section 39(2) of the Finance Act 2008 (dormant assets); “relevant financial institution” means a financial institution or an electronic lending systems operator which— is a Participating Jurisdiction Financial Institution within the meaning of Section VIII(A)(2) of the CRS, applying that definition as if references to a Participating Jurisdiction were references to the United Kingdom and as if references to a Financial Institution included references to an electronic lending systems operator, and by virtue of its carrying on of business as a financial institution or an electronic lending systems operator, falls within paragraph 12 of Schedule 23 to the Finance Act 2011 (interest etc); “relevant merchant acquirer” means a merchant acquirer which— is resident in the United Kingdom for the purposes of corporation tax, or by reason of its activity as a merchant acquirer, falls within section 5(2)(b) of the Corporation Tax Act 2009 (territorial scope of charge); “relevant person” means a relevant financial institution or a relevant merchant acquirer; “relevant quarterly amount”, in relation to a relevant financial institution and a quarterly data period, means an amount of quarterly reporting interest paid or credited by the relevant financial institution during the quarterly data period; “repayment claim”, in relation to a relevant dormant account, has the same meaning as in section 5(6) of the Dormant Bank and Building Society Accounts Act 2008 (functions etc of a reclaim fund); “retailer” has the same meaning as in paragraph 13A(2) of Schedule 23 to the Finance Act 2011; “settled”, in relation to a repayment claim and a relevant dormant account, means that the balance of the account has been paid to the account holder in pursuance of the claim; “tax year” has the same meaning as in section 4(2) of the Income Tax Act 2007 (income tax an annual tax).
2 Interpretation
In these Regulations— “annual ongoing data”, in relation to a relevant financial institution and a tax year, has the meaning given by regulation 8; “beneficiary” has the meaning given by paragraph 1(b) of— Schedule 1, in relation to a relevant annual amount; Schedule 2, in relation to a relevant quarterly amount; “the CRS” means the Common Reporting Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Co-operation and Development, as amended from time to time; “dormant account” means an account, within the meaning of section 9 of the Dormant Bank and Building Society Accounts Act 2008 (account), which is dormant within the meaning of section 10 of that Act (dormant); “electronic lending system operator” means a person carrying on an activity which is a specified kind of activity under article 36H of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (operating an electronic system in relation to lending); “financial institution” means a Financial Institution within the meaning of Section VIII(A)(3) of the CRS (defined terms), other than one which is such an institution because, and only because, it is a Specified Insurance Company within the meaning of Section VIII(A)(8) of the CRS; “investment plan regulations” means regulations under section 694(1) of the Income Tax (Trading and Other Income) Act 2005 (income from individual investment plans); “merchant account” means an account held by a retailer with a merchant acquirer, by reference to which the amount due to be paid by the merchant acquirer to the retailer in settlement of payment card transactions is calculated; “merchant acquirer” means a person falling within paragraph 13A of Schedule 23 to the Finance Act 2011 (merchant acquirers etc); “monthly ongoing data”, in relation to a relevant merchant acquirer and a month, has the meaning given by regulation 13; “ongoing data”, in relation to a relevant person, means the person’s— annual ongoing data and quarterly ongoing data, where the person is a relevant financial institution; monthly ongoing data, where the person is a relevant merchant acquirer; “paid or credited”, in relation to a relevant financial institution and an amount of interest, means paid or credited in the course of carrying on business as a financial institution or an electronic lending system operator; “payment card transaction” has the same meaning as in paragraph 13A(2) of Schedule 23 to the Finance Act 2011; “quarterly data period” means any of the following periods— the period beginning with 6th April and ending with the following 5th July; the period beginning with 6th July and ending with the following 5th October; the period beginning with 6th October and ending with the following 5th January; the period beginning with 6th January and ending with the following 5th April; “quarterly ongoing data”, in relation to a relevant financial institution and a quarterly data period, has the meaning given by regulation 9; “quarterly reporting interest” means interest on a current account or savings account; “recipient” has the meaning given by paragraph 1(a) of— Schedule 1, in relation to a relevant annual amount; Schedule 2, in relation to a relevant quarterly amount; “relevant annual amount”, in relation to a relevant financial institution and a tax year, means an amount of interest, other than quarterly reporting interest, paid or credited by the relevant financial institution during the tax year; “relevant dormant account” means a dormant account which is a relevant dormant asset within the meaning of section 39(2) of the Finance Act 2008 (dormant assets); “relevant financial institution” means a financial institution or an electronic lending systems operator which— is a Participating Jurisdiction Financial Institution within the meaning of Section VIII(A)(2) of the CRS, applying that definition as if references to a Participating Jurisdiction were references to the United Kingdom and as if references to a Financial Institution included references to an electronic lending systems operator, and by virtue of its carrying on of business as a financial institution or an electronic lending systems operator, falls within paragraph 12 of Schedule 23 to the Finance Act 2011 (interest etc); “relevant merchant acquirer” means a merchant acquirer which— is resident in the United Kingdom for the purposes of corporation tax, or by reason of its activity as a merchant acquirer, falls within section 5(2)(b) of the Corporation Tax Act 2009 (territorial scope of charge); “relevant person” means a relevant financial institution or a relevant merchant acquirer; “relevant quarterly amount”, in relation to a relevant financial institution and a quarterly data period, means an amount of quarterly reporting interest paid or credited by the relevant financial institution during the quarterly data period; “repayment claim”, in relation to a relevant dormant account, has the same meaning as in section 5(6) of the Dormant Bank and Building Society Accounts Act 2008 (functions etc of a reclaim fund); “retailer” has the same meaning as in paragraph 13A(2) of Schedule 23 to the Finance Act 2011; “settled”, in relation to a repayment claim and a relevant dormant account, means that the balance of the account has been paid to the account holder in pursuance of the claim; “tax year” has the same meaning as in section 4(2) of the Income Tax Act 2007 (income tax an annual tax).
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