CFM98900 - Interest restriction: administration: record retention and information powers: duty to keep and preserve records
TIOPA10/SCH7A/PARAS 38, 39
»Ê¹ÚÌåÓýapp duty to keep and preserve records in TIOPA10/SCH7A/PT 3 is similar to the corresponding company tax return requirements at FA98/SCH18/PARA21 to 23. »Ê¹ÚÌåÓýapp fundamental requirement in TIOPA10 SCH7A/PARA38 is for a reporting company to keep such records as are needed for it to be able to submit a complete and correct return for a period of account.
Normally records must be kept until 6 years after the period, although HMRC may specify a shorter period for some or all records. Where the company is required to submit a return, it is required to keep records until such time (if later) as any enquiry is complete or a normal time limits enquiry cannot be opened. »Ê¹ÚÌåÓýapp information may be preserved in any form â€� subject to any conditions or exceptions specified in writing by HMRC (PARA38(6)).
»Ê¹ÚÌåÓýapp Commissioners of Revenue and Customs may make regulations specifying which records do, or do not, need to be kept and preserved â€� PARA38(7).
Penalties for failure to keep and preserve records are dealt with under PARA39, see CFM99100.