Background Note
30.Schedule 37 to FA 2008 introduced a common format for rules about keeping records for income tax, capital gains tax (CGT), corporation tax (CT) and VAT. It introduced a new flexibility for HMRC to shorten the periods for which records need to be retained for income tax, CGT and CT. It also introduced new regulation-making powers for HMRC in relation to specifying records and formats which can also be exercised by tertiary legislation. Regulations can be made when there is a need for legislative certainty on particular records. Schedule 37 aligned the rules about preserving information instead of records and preserving information in any form and means, providing HMRC with flexibility to adapt to change, particularly with the increasing use of technology for keeping records.
31.The provisions of this Schedule make corresponding changes, from a day to be appointed, to the record-keeping requirements that apply to environmental taxes (aggregates levy, climate change levy and landfill tax), insurance premium tax and stamp duty land tax.
32.The changes in this Schedule also support the new compliance checking powers for these taxes and allow for a cross-tax approach to be taken by HMRC.
