SCHEDULE 11Stamp duty land tax: record-keeping where transaction is not notifiable
Part 2Duty to keep and preserve records
Duty to keep and preserve records
4
F1A1
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)
F2The purchaser must—
(a)
keep such records as may be needed to enable him F3to 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 F4....
(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.
Preservation of information instead of original records
5
(1)
The duty under paragraph 4 to preserve records may be satisfied by the preservation of the information contained in them.
(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 F5tribunal to the same extent as the records themselves.
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.