LBTT9003 - Length of time to keep and preserve records

Records relating to a LBTT return

A person who makes a LBTT return to us must keep and preserve the records specified under LBTT9002 until the end of the later of A or B:-

A) The relevant day, which means:

• the fifth anniversary of the day on which the LBTT return is made or, if the return is amended within the 12 month period allowed, the fifth anniversary of the day notice of the amendment is given under section 83 of the RSTPA 2014; or
• any earlier day as may be specified by us.

B) The date on which:

• an enquiry into the LBTT return is completed; or
• if there is no enquiry, when we no longer have the power to enquire into the return.

In the case of records required to be kept and preserved by a buyer for a land transaction which is not notifiable, the same time limits apply with the slight variation that the first bullet point at A) is replaced with ‘the fifth anniversary of the day by which the return would have been required to have been made, had the land transaction been notifiable’.

A person who fails to keep and preserve records as required under section 74 of the RSTPA 2014 is liable to a penalty under section 76 of that Act (see RSTP3002).

Records relating to claims not in a LBTT return

A shorter time period applies where a person makes a claim, other than in a LBTT return or amendment to a return, under section 107 of the RSTPA 2014. In this case the person must keep and preserve such records as may be needed to make a correct and complete claim until the latest of:

A) the end of the period of three years beginning with the day on which the claim was made;

B) where there is an enquiry into the claim, or into an amendment of the claim, the time when the enquiry is completed; or

C) where the claim is amended and there is no enquiry into the amendment, the time when we no longer have the power to enquire into the amendment.

If you fail to keep and preserve records as required above under paragraph 3 of schedule 3 to the RSTPA 2014 then you are liable to a penalty under paragraph 5 of that schedule (see RSTP3002).