IEIM902400 | Verification of information

It is a key requirement of the model rules and the regulations that Reporting Platform Operators (RPOs) verify the information provided to them by Sellers. This will ensure that the information reported both to Sellers and to HMRC is as reliable as possible. Failure to verify the required information could lead to a penalty being charged on the RPO.

The obligation to verify information only applies to information required to be collected from the Seller: the Seller’s name, primary address, TIN, date of birth, company registration number, and the address of any immoveable property rented out by the Seller. Other information which the RPO must report, such as the Consideration paid or credited to the Seller, will be produced by the RPO itself, and so is not subject to an additional verification requirement, although of course the RPO will wish to ensure the data they report is accurate.

The verification activities that must be undertaken will depend on the nature of the RPO’s business, the information it has available, and the RPO’s wider checks, information collection and other policies.

RPOs are expected to consider the available information in the round. The overarching obligation is for the RPO to satisfy itself that the information it has collected is reliable. RPOs should look out for any discrepancies, inconsistencies or gaps in the information they have collected. Where any such issues are identified, the RPO is expected to take further steps to verify the information collected.