http://www.legislation.gov.uk/id/ukpga/2003/14

SCHEDULES

SCHEDULE 11Stamp duty land tax: F1record-keeping where transaction is not notifiable

Section 79

Annotations:

Amendments (Textual)

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

F2Part 1General

Annotations:

Amendments (Textual)

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

F2Introductory

F21

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F2Form and contents of self-certificate

F22

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Declaration by agent

F22A

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Declaration by the relevant Official Solicitor

F22B

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F2Tax-related penalty for fraud or negligence

F23

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Part 2Duty to keep and preserve records

Duty to keep and preserve records

4 F4A1

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).

1

F5The purchaser must—

a

keep such records as may be needed to enable him F6to demonstrate that the transaction is not notifiable, and

b

preserve those records in accordance with this paragraph.

2

The records must be preserved F10until the end of—

a

the sixth anniversary of the effective date of the transaction, 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

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.

F94

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.

5

Regulations under this paragraph may 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).

6

“Supporting documents” includes accounts, books, deeds, contracts, vouchers and receipts.

Preservation of information F8etc

Annotations:

Amendments (Textual)

Word in Sch. 11 para. 5 cross-heading substituted (1.4.2010) by Finance Act 2009 (c. 10), s. 98(2), Sch. 50 para. 11; S.I. 2010/815, art. 2

F75

The duty under paragraph 4 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 specified in writing by the Commissioners for Her Majesty's Revenue and Customs.

Penalty for failure to keep and preserve records

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.

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.