SolvedIEIM905010 | The Initial Period
From HM Revenue & Customs · International Exchange of Information Manual
HMRC understands that this is a new reporting regime and some platform operators may face difficulties in meeting all their reporting obligations. Therefore, HMRC will take a ‘soft landing’ approach to penalties in the initial period of implementation.
This means that if, for reports submitted by 31 January 2025 and 31 January 2026, a Platform Operator (PO) has failed to meet their reporting obligations, HMRC would only charge penalties where there was deliberate non-compliance.
After the initial period, POs should generally have had sufficient time to become familiar with the requirements of these rules and develop their systems to comply. The expectation is therefore that Reporting Platform Operators can report accurate information in a timely manner.