V5.354 Failure to preserve records

V5.354 Failure to preserve records

A person is liable to civil penalties if he fails to preserve records1 for such period (maximum six years) as HMRC require2.

However, a failure does not give rise to penalties if the person concerned either3

  1.  

    (1)     satisfies HMRC or, on appeal, a tribunal that there is a reasonable excuse4 for the conduct;

  2.  

    (2)     is convicted of an offence in respect of it;

  3.  

    (3)     is assessed to a civil penalty under VATA 1994 ss 60 (see V5.341) or 63 (see V5.345) in respect of it;

  4.  

    (4)     is assessed to default surcharge5 in respect of it.

Penalty

The

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