Finance Act 2012

Amendment of section 886 (obligation to keep certain records) of Principal Act.

118.— Section 886 of the Principal Act is amended—

(a) in subsection (4)(a) by substituting “Notwithstanding any other law” for “Subject to paragraph (b)”,

(b) in subsection (4) by substituting the following for paragraph (b):

“(b) Paragraph (a) shall not require the retention of linking documents and records in respect of which the inspector notifies in writing the person who is required to retain them that retention is not required.”,

(c) by inserting the following after subsection (4)—

“(4A) For the purposes of this section—

(a) where a company is wound up, the liquidator, and

(b) where a company is dissolved without the appointment of a liquidator, the last directors, including any person occupying the position of director by whatever name called, of the company,

shall keep or retain the linking documents and records of the company for the period specified in subparagraph (i) or (ii), as appropriate, of subsection (4)(a).”,


(d) in subsection (5) by substituting “Any person who fails to comply with subsection (2), (3), (4) or (4A)” for “Any person who fails to comply with subsection (2), (3) or (4)”.