MTT51500 - Administration: Filing member: Record-keeping obligation

The filing member of the group has a duty to keep and preserve such records as may be needed to enable it to deliver correct and complete returns.

The records can be maintained in any form.

This is set out in paragraph 31, schedule 14 to Finance (No.2) Act 2023.

Time limits

Unless otherwise specified by HMRC, records must be kept until the later of:

  • the ninth anniversary of the last day of the accounting period to which the records relate, or,
  • if a compliance check was opened into that accounting period on or before that date, the end of the period of 6 months beginning with the date a compliance check into that accounting period was completed.

HMRC may require these records at any time during this time period.

An earlier date may be specified by HMRC in a notice. HMRC may specify a different date for individual cases.

Penalties

The filing member may be liable to a penalty if it fails to comply with the record keeping duty. See MTT55460.