Section 128A Obligation to retain records

Summary

An accountable person is obliged to retain records relating to a stamp duty liability or to a relief or exemption claimed, for a period of 6 years from the date a stamp duty return is filed or the date the duty is paid, whichever date is the latter.

Details

(1) The definition of “records” includes books, accounts, documents or other data maintained manually or by any electronic, photographic or other process.

(2) & (3) The accountable person, to enable a correct return to be filed and a claim for relief or exemption to be substantiated, must retain, or cause to be retained on his or her behalf, the records in written form or in electronic or photographic form.

(4) The records must be retained for a period of 6 years from the later of (a) the date the stamp duty return is filed under the e-stamping system or (b) the date the duty is paid.

(5) A penalty of €3,000 applies for non-compliance with the provisions of the section.

Relevant Date: Finance Act 2014