38ADuty to keep and preserve records: land transactions in respect of which no tax return is required.

1

This section applies in relation to a land transaction, other than a transaction of a type listed in section 65(4) of LTTA, in respect of which no tax return is required to be made.

2

The buyer in a land transaction in relation to which this section applies must—

a

keep any records that may be needed to enable the buyer to demonstrate that no tax return is required to be made, and

b

preserve any records that may be needed for that purpose.

3

The records must be preserved until the end of the relevant date.

4

The “relevant date” is the sixth anniversary of the effective date of the transaction.

5

But if WRA specifies an earlier date under this subsection, the “relevant date” is the date specified.

6

Different dates may be specified for different purposes under subsection (5).

7

In subsection (4), “effective date” has the same meaning as in LTTA.