PART 3TAX RETURNS, ENQUIRIES AND ASSESSMENTS
CHAPTER 2F2... DUTIES TO KEEP AND PRESERVE RECORDS
I138F3Duty to keep and preserve records: cases where a tax return is required
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A person who is required to make a tax return must—
a
keep any records that may be needed to enable the person to F6demonstrate that the tax return is correct and complete, and
F7b
preserve any records that may be needed for that purpose.
2
The records must be preserved until the end of the later of the relevant F8date and the F8date on which—
a
an enquiry into the tax return is completed (see section 50), or
b
if there is no enquiry, F9the enquiry period ends (see section 43(1A)).
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The ““relevant date”” is the sixth anniversary of whichever is the later of—
a
the filing date, and
b
if the return has been made and subsequently amended under section 41, the date on which notice of amendment is given under that section.
3A
But if WRA specifies an earlier date under this subsection, the “"relevant date”” means the date specified.
4
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In this Chapter, “"records”” includes supporting documents (for example, accounts, books, deeds, contracts, vouchers and receipts).
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38AF4Duty to keep and preserve records: land transactions in respect of which no tax return is required.
1
This section applies in relation to a land transaction, other than a transaction of a type listed in section 65(4) of LTTA, in respect of which no tax return is required to be made.
2
The buyer in a land transaction in relation to which this section applies must—
a
keep any records that may be needed to enable the buyer to demonstrate that no tax return is required to be made, and
b
preserve any records that may be needed for that purpose.
3
The records must be preserved until the end of the relevant date.
4
The ““relevant date”” is the sixth anniversary of the effective date of the transaction.
5
But if WRA specifies an earlier date under this subsection, the ““relevant date”” is the date specified.
6
Different dates may be specified for different purposes under subsection (5).
7
In subsection (4), “"effective date”” has the same meaning as in LTTA.
I239Preservation of information etc.
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The duty under section 38 F16or 38A to preserve records may be satisfied—
a
by preserving them in any form and by any means, or
b
by preserving the information contained in them in any form and by any means, subject to any conditions or exceptions prescribed by regulations made by the Welsh Ministers.
F182
But this is subject to any requirement specified under section 21(7) (water discount record) or 43(2) (landfill disposals tax summary) of LDTA.
39AF1Power to make regulations about records
The Welsh Ministers may by regulations provide that the records required to be kept and preserved under this Chapter do, or do not, include records of a description prescribed by the regulations.
Word in Pt. 3 Ch. 2 heading omitted (1.4.2018) by virtue of Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), s. 81(2)(3), Sch. 23 para. 4; S.I. 2018/34, art. 3