Retention of Books and Records

Section 886 of the Taxes Consolidation Act 1997 outlines the obligations on a person to keep proper books and records so that correct returns of income may be made. In general, proper books and records must be retained for a period of 6 years after the completion of transactions, acts or operations to which the books and records relate.

Section 92 Finance Act 2014 introduced an amendment to the 6 year rule to provide that where a transaction, act or operation is the subject of an investigation, inquiry, claim, assessment, appeal or proceedings which has already commenced within that 6 year period, then the relevant books and records must be retained until such time as the investigation, inquiry, claim, assessment, appeal or proceedings has been concluded. Section 66 Finance Act 2014 made a similar amendment for the purpose of the VAT code.

Further information regarding the maintenance and retention of books and records for tax purposes is contained in Part 38-03-17 of the Income Tax, Capital Gains Tax, Corporation Tax section of the Tax and Duty Manuals.

24 March 2015