The Data-gathering (Ongoing Data: Interest and Payment Card Transactions) Regulations 2026
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Change 1
7 Ceasing to be a relevant person
(1) This regulation applies to a person who is— (a) a relevant financial institution which ceases to fall within paragraph 12 of Schedule 23 to the Finance Act 2011 by virtue of the carrying on of its business as a financial institution or electronic lending system operator, or (b) a relevant merchant acquirer which ceases to carry on the activity by virtue of which it is a merchant acquirer, where that person gives a notice satisfying HMRC of that cessation. (2) For the purposes of these Regulations, a person to whom this regulation applies is to be treated, after the cessation date, as no longer being a relevant financial institution or a relevant merchant acquirer, as the case may be. (3) No later than 21 days after the cessation date, a person to whom this regulation applies must provide to HMRC— (a) the annual ongoing data, if any, which the person would, but for paragraph (2), have had to provide for the tax year containing the cessation date; (b) the quarterly ongoing data, if any, which the person would, but for paragraph (2), have had to provide for the quarterly data period containing the cessation date; (c) the monthly ongoing data, if any, which the person would, but for paragraph (2), have had to provide for the month containing the cessation date. (4) Regulations 5 and 6 apply to the provision of data in pursuance of paragraph (3) as they apply to the provision of ongoing data by a relevant person. (5) A notice under paragraph (1) must be in such form, and given in such manner, as HMRC may specify by published notice. (6) In this regulation, the “cessation date” means the day on which HMRC notify the person that they are satisfied by the notice mentioned in paragraph (1).
7 Ceasing to be a relevant person
(1) This regulation applies to a person who is— (a) a relevant financial institution which ceases to fall within paragraph 12 of Schedule 23 to the Finance Act 2011 by virtue of the carrying on of its business as a financial institution or electronic lending system operator, or (b) a relevant merchant acquirer which ceases to carry on the activity by virtue of which it is a merchant acquirer, where that person gives a notice satisfying HMRC of that cessation. (2) For the purposes of these Regulations, a person to whom this regulation applies is to be treated, after the cessation date, as no longer being a relevant financial institution or a relevant merchant acquirer, as the case may be. (3) No later than 21 days after the cessation date, a person to whom this regulation applies must provide to HMRC— (a) the annual ongoing data, if any, which the person would, but for paragraph (2), have had to provide for the tax year containing the cessation date; (b) the quarterly ongoing data, if any, which the person would, but for paragraph (2), have had to provide for the quarterly data period containing the cessation date; (c) the monthly ongoing data, if any, which the person would, but for paragraph (2), have had to provide for the month containing the cessation date. (4) Regulations 5 and 6 apply to the provision of data in pursuance of paragraph (3) as they apply to the provision of ongoing data by a relevant person. (5) A notice under paragraph (1) must be in such form, and given in such manner, as HMRC may specify by published notice. (6) In this regulation, the “cessation date” means the day on which HMRC notify the person that they are satisfied by the notice mentioned in paragraph (1).
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