Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 8

Power to make regulations about records

Schedule 23, paragraph 8 inserts a new section 39A into the Tax Collection and Management (Wales) Act 2016, giving Welsh Ministers the power to make regulations specifying which records must or must not be kept and preserved for tax purposes.

• A new section 39A is inserted into the Tax Collection and Management (Wales) Act 2016, sitting after existing section 39 on preservation of information.
• Welsh Ministers are given a regulation-making power to define or adjust the types of records that taxpayers are required to keep and preserve.
• The regulations can work in two directions: they can require that certain descriptions of records must be kept, or they can specify that certain descriptions of records need not be kept.
• This provides flexibility for the Welsh Government to update record-keeping requirements over time without needing to amend primary legislation.