Tax Collection and Management (Wales) Act 2016 section 38

Duty to keep and preserve records: cases where a tax return is required

Section 38 sets out the obligation on taxpayers who are required to make a Welsh tax return to keep and preserve adequate records, and specifies how long those records must be retained.

• Anyone required to make a Welsh tax return must keep and preserve all records needed to demonstrate that the return is correct and complete.
• Records must be preserved until the later of the "relevant date" or the date an enquiry into the return is completed (or, if no enquiry is opened, until the enquiry window closes).
• The "relevant date" is six years after the filing date or, if the return has been amended by the taxpayer, six years after the date the amendment notice was given — whichever is later. However, the Welsh Revenue Authority (WRA) may specify an earlier date, and may set different earlier dates for different purposes.
• "Records" is broadly defined and includes supporting documents such as accounts, books, deeds, contracts, vouchers and receipts.