Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 23 paragraph 7

Updating the record preservation requirement

Schedule 23 paragraph 7 amends the Tax Collection and Management (Wales) Act 2016 to extend the existing duty to preserve records so that it also covers records required to be kept under the new section 38A (which relates to land transaction tax returns).

• Section 39 of the Tax Collection and Management (Wales) Act 2016 requires taxpayers to preserve information and records they are obliged to keep.
• Previously, section 39 only referred to records kept under section 38; this amendment adds a reference to the new section 38A.
• This ensures that any records required to be kept specifically in connection with land transaction tax returns must also be preserved in accordance with section 39.
• The amendment is a consequential change arising from the introduction of section 38A by the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017.