Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 53

Penalty for failure to keep and preserve records

Section 53 extends the existing penalty provisions for failing to keep and preserve records so that they also apply to the new section 38A returns.

• The Tax Collection and Management (Wales) Act 2016 already imposes penalties for failing to keep and preserve records relating to tax returns.
• This amendment ensures the penalty provisions in section 143 of that Act now also cover records connected with section 38A returns.
• Section 38A returns are a new category of return introduced elsewhere in this schedule.
• The practical effect is that taxpayers who fail to keep proper records for section 38A returns face the same penalties as for other tax return records.