OT61080 | Transferable tax history - Administration and enquiries - Record keeping

Because of the extended periods of time that an enquiry into a claim involving the setting of losses against activated TTH might cover, companies must keep records relating to the calculation of tracked profit amount and decommissioning expenditure amounts for all accounting periods following the original TTH election. If such records are not kept and preserved, HMRC may challenge any claim setting a loss against activated TTH on the grounds that there is insufficient evidence that TTH has been activated.