Tax Collection and Management (Wales) Act 2016 section 38A

Duty to keep and preserve records: land transactions in respect of which no tax return is required

Section 38A requires buyers in certain Welsh land transactions, where no land transaction tax return is needed, to keep and preserve records proving that no return was required.

• Applies to land transactions where no tax return is required, excluding certain transaction types listed in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
• The buyer must keep any records needed to demonstrate that no tax return was required
• Records must be preserved until six years after the effective date of the transaction
• The Welsh Revenue Authority (WRA) may specify an earlier date by which records no longer need to be preserved, and different earlier dates may be set for different purposes