Finance Act 2003 (c. 14)

SCHEDULES

Section 79

SCHEDULE 11 U.K. Stamp duty land tax: [F1 record-keeping where transaction is not notifiable]

Textual Amendments

F1 Words in Sch. 11 heading substituted (with effect in accordance with s. 94(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 30 para. 11

F2 Part 1 U.K. General

Textual Amendments

F2 Sch. 11 Pt. 1 omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 8

F2 Introductory U.K.

F2 1 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 Form and contents of self-certificate U.K.

F2 2 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Declaration by agent U.K.

F2 2A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Declaration by the relevant Official Solicitor U.K.

F2 2B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 Tax-related penalty for fraud or negligence U.K.

F2 3 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 2 U.K. Duty to keep and preserve records

Duty to keep and preserve records U.K.

4 [F3 (A1) This paragraph applies where a transaction is not notifiable, unless the transaction is a transaction treated as taking place under a provision listed in section 79(2)(a) to (d).] U.K.

(1) [F4 The purchaser] must—

(a) keep such records as may be needed to enable him [F5 to demonstrate that the transaction is not notifiable], and

(b) preserve those records in accordance with this paragraph.

(2) The records must be preserved for six years after the effective date of the transaction F6 ....

(3) The records required to be kept and preserved under this paragraph include—

(a) relevant instruments relating to the transaction, in particular, any contract or conveyance, and any supporting maps, plans or similar documents;

(b) records of relevant payments, receipts and financial arrangements.

Textual Amendments

F3 Sch. 11 para. 4(A1) inserted (with effect in accordance with s. 94(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 30 para. 9(2)

F4 Words in Sch. 11 para. 4(1) substituted (with effect in accordance with s. 94(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 30 para. 9(3)(a)

F5 Words in Sch. 11 para. 4(1)(a) substituted (with effect in accordance with s. 94(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 30 para. 9(3)(b)

F6 Words in Sch. 11 para. 4(2) omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 9(4)

Preservation of information instead of original records U.K.

5 (1) The duty under paragraph 4 to preserve records may be satisfied by the preservation of the information contained in them. U.K.

(2) Where information is so preserved a copy of any document forming part of the records is admissible in evidence in any proceedings before the [F7 tribunal] to the same extent as the records themselves.

Textual Amendments

F7 Word in Sch. 11 para. 5(2) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 394

Penalty for failure to keep and preserve records U.K.

6 (1) A person who fails to comply with paragraph 4 in relation to a transaction is liable to a penalty not exceeding £3,000, subject to the following exception. U.K.

(2) No penalty is incurred if the Inland Revenue are satisfied that any facts that they reasonably require to be proved, and that would have been proved by the records, are proved by other documentary evidence provided to them.

F8 Part 3 U.K. Enquiry into self-certificate

Textual Amendments

F8 Sch. 11 Pt. 3 omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 10

F8 Notice of enquiry U.K.

F8 7 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Scope of enquiry U.K.

F8 8 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Notice to produce documents etc for purposes of enquiry U.K.

F8 9 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Appeal against notice to produce documents etc U.K.

F8 10 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Penalty for failure to produce documents etc U.K.

F8 11 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Referral of questions to Special Commissioners during enquiry U.K.

F8 12 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Withdrawal of notice of referral U.K.

F8 13 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Effect of referral on enquiry U.K.

F8 14 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Effect of determination U.K.

F8 15 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Completion of enquiry U.K.

F8 16 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 Direction to complete enquiry U.K.

F8 17 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .