This Statutory Instrument has been made, in part, to correct an error in S.I. 2023/817 and is being issued free of charge to all known recipients of that Statutory Instrument.
Statutory Instruments
2024 No. 1082
TAXES
The Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations 2024
Made
31st October 2024
Laid before the House of Commons
4th November 2024
Coming into force
25th November 2024
The Treasury make the following Regulations in exercise of the powers conferred by section 349 of the Finance (No. 2) Act 2023( 1 ).
Citation and commencement
1. These Regulations may be cited as the Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations 2024 and come into force on 25th November 2024.
Amendments to the Platform Operators (Due Diligence and Reporting Requirements) Regulations 2023
2. —(1) The Platform Operators (Due Diligence and Reporting Requirements) Regulations 2023( 2 ) are amended as follows.
(2) In regulation 2 (interpretation), omit paragraph (4)(g).
(3) In regulation 4 (reporting of information)—
(a) in paragraph (5)(a)(ii), at the beginning insert “subject to paragraph (5A),” , and
(b) after paragraph (5) insert—
“ (5A) Where the condition in paragraph (5)(a)(ii) is met, the exemption from making a report in paragraph (5) does not apply if under section II(D)(1) of the model rules the reporting platform operator must consider the reportable seller resident in the United Kingdom. ” .
(4) Omit regulation 10 (excluded sellers: proportional reduction of thresholds).
(5) In Schedule 1 (defined terms), omit the definition of “excluded seller”.
Jeff Smith
Taiwo Owatemi
Two of the Lords Commissioners of His Majesty’s Treasury
31st October 2024