Duty to keep and preserve recordsU.K.
5(1)A person who is required to deliver a return for a chargeable period must—U.K.
(a)keep any records that may be needed to enable the person to deliver a correct and complete return, and
(b)preserve those records in accordance with this paragraph.
(2)The records must be preserved until the end of the later of the relevant day and the date on which—
(a)an enquiry into the return is completed, or
(b)if there is no enquiry, an officer of Revenue and Customs no longer has power to enquire into the return.
(3)“The relevant day” means—
(a)the sixth anniversary of the last day of the chargeable period, or
(b)any earlier day that may be specified in writing by the Commissioners for Her Majesty's Revenue and Customs.
(4)Different days may be specified for different purposes under sub-paragraph (3)(b).
(5)The records required to be kept and preserved under this paragraph include—
(a)details of any relevant transaction (including any contract or conveyance and any supporting maps, plans or similar documents and records of relevant payments, receipts and financial arrangements);
(b)records of any valuation of the single-dwelling interest relevant to its value on any day in the chargeable period.
(6)The Commissioners for Her Majesty's Revenue and Customs may by regulations—
(a)provide that the records required to be kept under this paragraph do, or do not, include records specified in the regulations;
(b)specify supporting documents that are required to be kept under this paragraph.
(7)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notice published by the Commissioners for Her Majesty's Revenue and Customs in accordance with the regulations (and not withdrawn by a subsequent notice).
(8)“Supporting documents” includes accounts, books, deeds, contracts, vouchers and receipts.