PART 3Tax and administration of accounts

Records to be kept by account provider31

1

An account provider shall at all times keep sufficient records in respect of an account to enable the requirements of these Regulations to be satisfied.

2

In particular, an account provider shall produce (when required to do so by an officer of the Board) any—

a

application made under regulation 13(1) or (10),

b

voucher given to him,

c

annual statement issued by him, and

d

transfer notice given to him under regulation 21(4),

or electronic copies, within the period of 3 years from when it was made, issued or given (notwithstanding any transfer of the account under regulation 21).

F13

Where an account is transferred by an account provider (“the transferor”) to another account provider (“the transferee”) in a group transfer of accounts, any records (or copies of records) kept by the transferor in respect of the account at the time when it is transferred shall be treated for the purposes of this regulation as kept by the transferee for so long as sub-paragraphs (a), (b) and (c) of paragraph (4) apply.

4

For the purposes of paragraph (3)—

a

this sub-paragraph applies as if the records described in paragraph (3) are kept by the transferor;

b

this sub-paragraph applies if the transferor and transferee are members of the same group of companies; and

c

this sub-paragraph applies if the transferee can require the transferor to make the records available to the transferee for any purpose necessary to ensure the transferee’s compliance with these regulations.