# The Revenue Traders (Accounts and Records) Regulations 1992, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations require revenue traders to keep and preserve records containing information about their businesses and about their dealings in excise and other goods and services. The Regulations are designed to assist HM Customs and Excise, when carrying out periodic audits of a revenue trader’s business, to collect and protect the revenues derived from excise duties. In particular the Regulations are intended to facilitate the audits carried out by HM Customs and Excise for protection of the excise duties arising in the Single Market of the European Communities, which comes into existence on 1st January 1993.
Regulation 2 is concerned with interpretation and the form that the required records may take.
Regulations 3 and 4 set out requirements for keeping commercial records generally and in relation to certain activities of revenue traders; give examples of the records with which the Regulations are concerned; and specify certain information that must be recorded.
Regulation 5 requires a revenue trader who pays excise duty to keep an excise duty account.
Regulation 6 enables the Commissioners to specify in a notice additional and alternative records to be kept and preserved.
Regulation 7 describes the time when the obligation to keep records commences and the nature of the information required by the previous Regulations.
Regulation 8 requires revenue traders to preserve their records for a period of six years or such lesser period as the Commissioners may allow.

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Source: https://www.legislation.gov.uk/uksi/1992/3150/note (the official version)
Page: https://openlegislation.uk/revenue-traders-accounts-and-records-regulations-1992/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.