Tax Collection and Management (Wales) Act 2016 section 143

Penalty for failure to keep and preserve records

Section 143 sets out the penalty that applies when a person fails to keep and preserve records as required under the Act.

• A person who fails to keep and preserve records as required by the Act may face a penalty of up to £3,000.
• The record-keeping duties apply to those required to file tax returns, those involved in land transactions where no return is needed, and those making claims.
• No penalty will be charged if the Welsh Revenue Authority (WRA) is satisfied that the relevant facts can be proved by other documentary evidence.
• The alternative documentary evidence must be provided to WRA and must establish the same facts that the missing records would have proved.