If your business sells or imports luxury cars, you need to record your sales and import transactions so you can report your liabilities accurately and substantiate any adjustments, credits or refunds.
Information your records need to show
Examples of types of records
How long you need to keep your LCT records
You need to keep these records for five years, starting from when you prepared or obtained the records, or completed the transactions or acts those records relate to, whichever is later.
You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.
Find out about:
- Luxury car tax – reporting and keeping records – detailed requirements