Extension of record keeping rules
Draft legislation has been published for consultation in pursuance of the suggestion that Finance Act 2008 record keeping and time limit principles be extended to other HMRC taxes. This proposal was explored in the November 2008 consultation document ‘Compliance Checks: The Next Stage’. Comments are requested by 6 March 2009.
Schedules 37 and 39 of Finance Act already align the record-keeping rules and align the time limits for claims and assessments in relation to VAT, Corporation Tax, Income Tax and Capital Gains Tax.
The consultation looks at how these principles could be extended so that the same record-keeping rules and time limits will also apply to other taxes including insurance premium tax, inheritance tax, stamp duty land tax, stamp duty reserve tax, petroleum revenue tax, aggregates levy, climate change levy and landfill tax.
The new legislation will not enter force before April 2010 at the earliest in order to allow both tax payers and HRMC to be fully prepared for the changes. HMRC are also likely to require some significant modifications to their computer systems to cope with the new rules.
Comments on the draft legislation can be made by:
– email firstname.lastname@example.org
– post to HMRC review of powers: compliance checks, Room 1/72, 100 Parliament Street, London SW1A 2BQ
– fax to 020 7147 2375