Taxes Consolidation Act 1997 Schedule 11 paragraph 18

Proper records

Paragraph 18 of Schedule 11 requires the trust instrument to oblige the trustees to maintain proper records and to inform participants of any facts relevant to an income tax liability.

• The trust deed must impose specific obligations on the trustees regarding record-keeping and participant notification.
• Trustees must maintain whatever records are necessary to enable them to carry out their obligations under Chapter 1 of Part 17.
• Where a participant becomes liable to income tax under Schedule E because of a particular event, the trustees must inform the participant of the relevant facts.
• These obligations ensure that both the trustees and participants can meet their respective tax compliance requirements.