Finance Act 2003

[F1 Duty to keep and preserve records U.K.

Textual Amendments

F1 Sch. 11A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 40

3 (1) A person who may wish to make a claim must— U.K.

(a) keep such records as may be needed to enable him to make a correct and complete claim, and

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

(2) The records must be preserved until the latest of the following times—

(a) the end of the period of twelve months beginning with day on which the claim was made;

(b) where there is an enquiry into the claim, or into an amendment of the claim, the time when the enquiry is completed;

(c) where the claim is amended and there is there is no enquiry into the amendment, the time when the Inland Revenue no longer have power to enquire into the amendment.

F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3 (4A) 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.

(4B) 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notice published by the Commissioners for Her Majesty's Revenue and Customs in accordance with the regulations (and not withdrawn by a subsequent notice).

(4C) Supporting documents” includes accounts, books, deeds, contracts, vouchers and receipts.]

(5) A person who fails to comply with this paragraph in relation to a claim that he makes is liable to a penalty not exceeding £3,000, subject to the following exception.

(6) 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.]

Textual Amendments

F2 Sch. 11A para. 3(3)(4) omitted (1.4.2010) by virtue of Finance Act 2009 (c. 10), s. 98(2), Sch. 50 para. 13(2); S.I. 2010/815, art. 2

F3 Sch. 11A para. 3(4A)-(4C) inserted (1.4.2010) by Finance Act 2009 (c. 10), s. 98(2), Sch. 50 para. 13(3); S.I. 2010/815, art. 2