Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 5

Amendments to the duty to keep and preserve records

Section 5 of Schedule 23 amends section 38 of the Tax Collection and Management (Wales) Act 2016, updating and clarifying the rules about what records taxpayers must keep and how long they must preserve them when a tax return is required.

• Records must be kept to demonstrate that the tax return is correct and complete, and any records needed for that purpose must be preserved.
• Records must generally be preserved until the sixth anniversary of the later of the filing date or the date of any subsequent amendment to the return.
• The Welsh Revenue Authority (WRA) may specify an earlier date, relieving the taxpayer of the obligation to keep records beyond that point.
• Records include supporting documents such as accounts, books, deeds, contracts, vouchers and receipts.