Taxes Consolidation Act 1997 section 898G

Obligations of paying agents in other contractual relations entered into

Section 898G sets out the procedures a paying agent must follow to establish and verify the identity and residence of an individual to whom or for whom an interest payment is made or secured, where the contractual relationship or transaction began on or after 1 January 2004.

• A paying agent must establish each individual's name, address and tax identification number (TIN), or date and place of birth where no TIN is available, using the individual's passport or official identity card as the primary source.
• Residence is determined by reference to the address on the passport or official identity card, or by a tax residence certificate where the individual claims residence in a country other than the one that issued the document.
• The paying agent must retain copies of all identity and residence documentation for at least five years after the relationship ends or the interest payment is made.
• Where the paying agent becomes aware that an individual's identity or residence details may be incorrect or have changed, the agent must take all reasonable steps to re-establish the correct position using the prescribed procedures.