Finance (No. 2) Act 2017

14 (1) Section 12B (records to be kept for purposes of returns) is amended as follows.

(2) For subsection (1) substitute—

“(1) This section applies to any person who may—

(a) be given a notice to file under section 8 or 8A in respect of a year of assessment,

(b) be required by a notice under section 12AA to make and deliver a partnership return in respect of a year of assessment or other period, or

(c) be required by regulations under paragraph 10 of Schedule A1 to provide a partnership return for a year of assessment.

(1A) The person must—

(a) keep all such records as may be requisite for the purpose of enabling the person to make and deliver a correct and complete return, under that section or those regulations, for that year of assessment or period, and

(b) preserve those records until the end of the relevant day (see subsections (2) to (2ZB)).”

(3) In subsection (2) for “day referred to in subsection (1) above is” substitute “relevant day is (subject to subsection (2ZB))”.

(4) After subsection (2) insert—

“(2ZA) Subsection (2ZB) applies where, before the day mentioned in subsection (2), the person—

(a) is given a notice under section 8, 8A or 12AA, or

(b) becomes subject to a requirement imposed by regulations under paragraph 10 of Schedule A1.

(2ZB) Where this subsection applies the relevant day is the later of the day mentioned in subsection (2), and—

(a) if enquiries are made into the return, the day on which under section 28A(1B) or 28B(1B) those enquiries are completed, or

(b) if no such enquiries are made, the day on which an officer no longer has power to make them.”

(5) In subsection (2A)—

(a) in paragraph (a) for “(1)” substitute “(1)(a) or (b)”;

(b) in the words after paragraph (b)—

(i) omit “the relevant day, that is to say,”;

(ii) for “(1)” substitute “(1A)”.

(6) In subsection (3)(a) for “(1)” substitute “(1A)”.

(7) In subsection (4)—

(a) for “(1)” substitute “(1A)”;

(b) at the end insert “and regulations under paragraph 11 of Schedule A1”.

(8) In subsection (5) for “(1)” substitute “(1A)”.