IEIM902240 - Record Keeping and Retention

Reporting Platform Operators (RPOs) are required to keep all records relating to their due diligence procedures. This includes

• all information that the RPO has collected in the course of applying the due diligence procedures, as well as
• information on the steps taken by the RPO to comply with the identification, collection and verification requirements.

It is not possible to provide an exhaustive list of documents Platforms should retain. Platforms should keep any documents that will help them to demonstrate to HMRC that they have carried out the required due diligence.

RPOs should retain this information for a period of five years after the end of the Reportable Period to which the records relate. Seller information relates to the Reportable Period in which it was collected from the Seller or generated by the Platform, as the case may be, but it also relates to any previous Reportable Period in which the RPO relies on that information.

HMRC may request this information from the RPO, if necessary, as part of its compliance activities to ensure that RPOs are meeting their due diligence obligations under the regulations.