Regulation 15 Obligation to keep digital records

(1)

A relevant person must—

(a)

subject to paragraph (4), keep the records specified by paragraph (2) (“digital records”) in relation to a digital obligation tax year,

(b)

use functional compatible software to do so, and

(c)

ensure that each record is recorded in accordance with paragraph (3).

(2)

The digital records, in relation to a digital obligation tax year, are—

(a)

records of the financial information required to be included—

(i)

in each quarterly update for that tax year;

(ii)

in a return for that tax year;

(b)

details of the items comprised in the financial information described in sub-paragraph (a), including the amounts of those items and the dates on which they were received or incurred;

(c)

such other records as the Commissioners consider relevant to ascertaining financial information described in sub-paragraph (a) as the Commissioners may specify by direction.

(3)

A digital record in relation to a digital obligation tax year must be—

(a)

in such form as the Commissioners may specify by direction, and

(b)

recorded—

(i)

if the record relates to financial information required to be included in a quarterly update, no later than the date on which that update is given, or required to be given, to HMRC, whichever is earlier;

(ii)

otherwise, no later than the date on which a return for that tax year is delivered, or required to be delivered, whichever is earlier.

(4)

Where, by direction under this paragraph, the Commissioners specify a subset of digital records, a relevant person may elect to keep only that subset.

(5)

A direction under paragraph (4) may specify different subsets of digital records in different cases.