What sort of conditions will be set for preserving information instead of records?
HMRC already specify some high level conditions. Taxpayers can preserve information instead of records but need to be able to show HMRC that a complete and correct tax return has been made. The information must also be able to be provided in a legible form on request. Previously for VAT prior approval by HMRC was required before preserving information. The new legislation does away with the need for approval but to balance this HMRC are able to set conditions and make exceptions.
