UK Offence Report

The Montserrat Reporting of Savings Income Information Order 2005

UK Statutory Instrument 2005 No. 1466 — creates 3 criminal offences.

3offences created
0recorded in force
0revoked
Made
7 June 2005
In force from
Not determined
Extent
Not stated
Subject
Miscellaneous
Made under
Her by sections 5 and 7 of the West Indies Act 1962

Explanatory note

(This note is not part of the Order) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

This Order in Council ensures that arrangements are in place in Montserrat as envisaged by Article 17(2)(ii) of Council Directive 2003/48/EC of 3rd June 2003 on taxation of savings income in the form of interest payments (“the European Savings Directive”) as amended by the Council Decision 2004/587/EC of 19 July 2004 concerning the date of application of the European Savings Directive. The Order requires information to be reported to the Inland Revenue Department in Montserrat (“the Department”) about savings income paid to, or secured for, an individual resident in a member State of the European Community in the course of a business or profession. The same is required in respect of some entities resident in member States of the European Community. Part 1 of this Order makes provision about — a who is required to make a report; “paying agents” and “receiving agents”; b persons in respect of whom a report needs to be made; “relevant payees” and “residual entities”; and c what is meant by “savings income”. Part 2 of this Order makes provision for — a obtaining and verifying information about the individual who receives the savings income or for whose benefit it is received or secured; and b the information which needs to be reported to the Department. Part 3 of this Order makes provision for— a reports to be made to the Department and the time within which reports must be made, and b penalties for failing to report. Part 4 of this Order makes provision for audits and issues related to audits. Part 5 of this Order (read with the Schedule) contains transitional provisions in respect of negotiable debt securities. Part 6 of this Order deals with the interaction of the provisions of the Order and other law in Montserrat where the two conflict. It also makes provision about the civil and criminal liability in respect of disclosures which are required or authorised by the Order.

Offences created by this instrument

What Parliament said about it

Hansard was searched for this instrument by name and returned nothing. That is the ordinary outcome: an instrument laid under the negative procedure is usually never debated, and becomes law without a word said about it in either House.

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

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