- Latest available (Revised)
- Original (As enacted)
Finance Act 1998, Cross Heading: Duty to keep and preserve records is up to date with all changes known to be in force on or before 17 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
21(1)A company which may be required to deliver a company tax return for any period must—U.K.
(a)keep such records as may be needed to enable it to deliver a correct and complete return for the period, and
(b)preserve those records in accordance with this paragraph.
(2)The records must be preserved [F1until the end of the relevant day.]
[F2(2A)In this paragraph “relevant day” means—
(a)the sixth anniversary of the end of the period for which the company may be required to deliver a company tax return, or
(b)such earlier day as may be specified in writing by the Commissioners for Her Majesty's Revenue and Customs (and different days may be specified for different cases).]
(3)If the company is required to deliver a company tax return by notice given before the end of [F3the relevant day], the records must be preserved until any later date on which—
(a)any enquiry into the return is completed, or
(b)if there is no enquiry, [F4an officer of Revenue and Customs] no longer [F5has] power to enquire into the return.
(4)If the company is required to deliver a company tax return by notice given after the end of [F6the relevant day] and has in its possession at that time any records that may be needed to enable it to deliver a correct and complete return, it is under a duty to preserve those records until the date on which—
(a)any enquiry into the return is completed, or
(b)if there is no enquiry, [F4an officer of Revenue and Customs] no longer [F5has] power to enquire into the return.
(5)The records required to be kept and preserved under this paragraph include records of—
(a)all receipts and expenses in the course of the company’s activities, and the matters in respect of which the receipts and expenses arise, and
(b)in the case of a trade involving dealing in goods, all sales and purchases made in the course of the trade.
[F7(5A)The Commissioners for Her Majesty's Revenue and Customs may by regulations—
(a)provide that the records required to be kept and preserved under this paragraph include, or do not include, records specified in the regulations, and
(b)provide that those records include supporting documents so specified.
[F8(5AA)Regulations under this paragraph may make provision, in relation to relevant transfer pricing records specified, or of a description specified, in the regulations—
(a)as to the form or manner in which those records are to be kept and preserved;
(b)by reference to things specified in the transfer pricing guidelines (within the meaning of section 164 of TIOPA 2010 (interpretation in accordance with OECD principles)).]
(5B)Regulations under this paragraph may—
(a)make different provision for different cases, and
(b)make provision by reference to things specified in a notice published by the Commissioners for Her Majesty's Revenue and Customs in accordance with the regulations (and not withdrawn by a subsequent notice).]
[F9(6)For the purposes of this paragraph—
(a)records are “relevant transfer pricing records” if the Commissioners for His Majesty’s Revenue and Customs reasonably consider that the records may relate to the calculation of profits or losses in accordance with Part 4 of TIOPA 2010 (transfer pricing);
(b)“supporting documents” includes accounts, books, deeds, contracts, vouchers and receipts.]
Textual Amendments
F1Words in Sch. 18 para. 21(2) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 8(2); S.I. 2009/402, art. 2
F2Sch. 18 para. 21(2A) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 8(3); S.I. 2009/402, art. 2
F3Words in Sch. 18 para. 21(3) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 8(4); S.I. 2009/402, art. 2
F4Words in Sch. 18 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(a); S.I. 2005/1126, art. 2(2)(h)
F5Words in Sch. 18 substituted (18.4.2005) by virtue of Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(c); S.I. 2005/1126, art. 2(2)(h)
F6Words in Sch. 18 para. 21(4) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 8(5); S.I. 2009/402, art. 2
F7Sch. 18 para. 21(5A)(5B) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 8(6); S.I. 2009/402, art. 2
F8Sch. 18 para. 21(5AA) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 5 para. 1(2) (with Sch. 5 para. 7)
F9Sch. 18 para. 21(6) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 5 para. 1(3) (with Sch. 5 para. 7)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: