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Amendment of section 886 of Principal Act (obligation to keep certain records)
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25. Section 886 of the Principal Act is amended, in subsection (2), by the insertion of the following paragraph after paragraph (a):
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“(aa) Without prejudice to the generality of paragraph (a) and subsection (4)—
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(i) the records shall include records and linking documents relating to any allowance, deduction, relief or credit (referred to in this paragraph as a ‘relevant amount’) taken into account in computing the amount of tax payable (within the meaning of section 959A), for the year of assessment or accounting period concerned,
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(ii) the transactions, acts or operations giving rise to a relevant amount shall, for the purposes of subsection (4)(a)(i), be treated as transactions, acts or operations that were completed at the end of the year of assessment or accounting period for which a relevant amount is taken into account in computing the amount of tax payable (within the meaning aforesaid) for the year of assessment or accounting period concerned, and
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(iii) the transactions, acts or operations giving rise to a relevant amount shall, for the purposes of subsection (4)(a)(ii), be treated as transactions, acts or operations that were completed at the end of the year of assessment or accounting period in which the return, in which the relevant amount is taken into account in computing the amount of tax payable (within the meaning aforesaid), has been delivered.”.
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