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Penalties for failure to keep records for income tax, capital gains tax and corporation tax

A taxpayer who is served with a notice to deliver a return is required to keep and preserve the records necessary to complete it, including those relating to any claim made in it¹. See E1.205 for details of the record keeping requirement for income tax and capital gains tax self assessment. See D1.1301 for details of record keeping requirements for corporation tax self assessment.

A penalty not exceeding £3,000 may be incurred for breach of this obligation².

There is a similar requirement to keep and preserve records supporting a claim which is not made in a return, and the same penalty is incurred for failure to do so³.

If an HMRC officer is satisfied that documentary evidence which has been produced proves the facts that the original documents would have proved (eg is a copy of the original document), these penalties will not apply where the records