SCHEDULES
SCHEDULE 14Digital reporting and record-keeping for income tax etc: further amendments
PART 1Amendments of TMA 1970
14
1
Section 12B (records to be kept for purposes of returns) is amended as follows.
2
For subsection (1) substitute—
1
This section applies to any person who may—
a
be given a notice to file under section 8 or 8A in respect of a year of assessment,
b
be required by a notice under section 12AA to make and deliver a partnership return in respect of a year of assessment or other period, or
c
be required by regulations under paragraph 10 of Schedule A1 to provide a partnership return for a year of assessment.
1A
The person must—
a
keep all such records as may be requisite for the purpose of enabling the person to make and deliver a correct and complete return, under that section or those regulations, for that year of assessment or period, and
b
preserve those records until the end of the relevant day (see subsections (2) to (2ZB)).
3
In subsection (2) for “day referred to in subsection (1) above is” substitute “
relevant day is (subject to subsection (2ZB))
”
.
4
After subsection (2) insert—
2ZA
Subsection (2ZB) applies where, before the day mentioned in subsection (2), the person—
a
is given a notice under section 8, 8A or 12AA, or
b
becomes subject to a requirement imposed by regulations under paragraph 10 of Schedule A1.
2ZB
Where this subsection applies the relevant day is the later of the day mentioned in subsection (2), and—
a
if enquiries are made into the return, the day on which under section 28A(1B) or 28B(1B) those enquiries are completed, or
b
if no such enquiries are made, the day on which an officer no longer has power to make them.
5
In subsection (2A)—
a
in paragraph (a) for “(1)” substitute “
(1)(a) or (b)
”
;
b
in the words after paragraph (b)—
i
omit “the relevant day, that is to say,”;
ii
for “(1)” substitute “
(1A)
”
.
6
In subsection (3)(a) for “(1)” substitute “
(1A)
”
.
7
In subsection (4)—
a
for “(1)” substitute “
(1A)
”
;
b
at the end insert “
and regulations under paragraph 11 of Schedule A1
”
.
8
In subsection (5) for “(1)” substitute “
(1A)
”
.