SDLTM80560 - Compliance: Rights and obligations

Record keeping FA03/SCH10/PARA9

Obligations on the purchaser–

FA03/SCH10/PARA9 sets out the record keeping obligations under stamp duty land tax. Under this section any person who makes a land transaction return will be required to keep such records as may be needed to enable them to deliver a correct and complete return, and requires that person to preserve those records for a specified period.

Types of records

FA03/SCH10/PARA9(3) sets out the kinds of records a purchaser must keep.

Penalties

FA03/SCH10/PARA11 states that penalties can be charged for failure to keep or preserve records.

Other legislation

The Companies Act 1985/S221 and The Companies Act 1985/S222 set out the accounting records a company must keep, with a 3 year retention period for private companies, and 6 years for public companies.

VAT

VATA94/SCH11/PARA6 sets out the VAT records that should be kept and specifies a 6 year retention period.