Section 31AA — Value Added Tax Regulations 1995: Preservation of records

Preservation of records 31AA 1 Subject to paragraph (2) the electronic account required to be kept pursuant to regulation 31(1)(l) must be preserved using functional compatible software.

2 The obligation under paragraph (1) does not apply to a person to whom the requirements of regulation 32A have ceased to apply.

3 Subject to paragraph (1) the duty to preserve records required to be kept pursuant to regulations 31 and 31A may be discharged by—

a preserving them in any form or by any means; or b preserving the information in them by any means, subject to any conditions or exceptions specified in writing by the Commissioners.

4 The functional compatible software must take a form approved by the Commissioners in a specific or general direction.

5 A direction under paragraph (4) may also specify the circumstances in which functional compatible software may be used or not used.