Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw1)

SCHEDULE 23 E+W AMENDMENTS TO THE TAX COLLECTION AND MANAGEMENT (WALES) ACT 2016

6 E+W After section 38 insert—

“38A Duty 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.”

Commencement Information

I1 Sch. 23 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3