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MIKE KERRIDGE looks at the interaction of statutory records and the issue of Sch 36 notices
KEY POINTS
- A definition of statutory records is urgently needed for non-business taxpayers.
- The old rules must apply to pre-1 April 2009 enquiries.
- Some Sch 36 notices are invalid.
- Taxpayers under enquiry should review their position.
- The law needs to clarified.
Finance Act 2008 Sch 36 gave HMRC’s new information and inspection powers. However the law is unnecessarily complicated and ill-defined by virtue of the department’s procrastination in defining what is mean by ‘statutory records’ as required by statute.
HMRC’s obligation
Reference to statutory records is contained in FA 2008 Sch 36 para 62. In it HMRC are required by law to define what they regard as statutory records by secondary/tertiary legislation.
The significance of this is:
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