Information or a document forms part of a person’s statutory records if the person is required to keep and preserve the information or document by or under any provision in the RSTPA 2014. Information and documents cease to be part of a person’s statutory records when the period for which they must be preserved has expired.
For further guidance on which records are required to be kept and preserved, and for how long:
Any information or documents kept in relation to the carrying on of a business (see RSTP2036) become statutory records when they are created. This means that current information or documents can be inspected or requested in an information notice, subject to the normal rules for inspections and information notices.
Any non-business information or documents that are required to be kept and preserved by or under the RSTPA 2014 (and which are not also required to be kept or preserved by or under the LBTT(S)A 2013 or LT(S)A 2014) only become statutory records after the end of the accounting period to which they relate. This means that we do not have the right to inspect these records during the accounting period because the records will never fall within the definition of business documents (see RSTP2038). It is possible however that the records may be required in an information notice.