90. Maintenance of proper records of transactions, methods of accounting and preservation of books of account and records
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(1) Every person carrying on any business shall keep, in the English language, such records or books of accounts as are necessary to reflect the true and full nature of the transactions of the business regard being had to the nature of the activities concerned and the scale on which they are carried on.
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(2) Where the Comptroller is of the opinion that records or books of account are not being kept in accordance with subsection (1), or where no records or books of account are being kept, by any person carrying on business then in addition to any proceedings which may be taken under section 140, the Comptroller may direct such person to keep such records or books of account as he or she may specify.
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(3) The records or books of account required by this section shall be kept at the place of business of the person carrying on business unless the Comptroller approves of them being kept at some other place.
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(4) Subject to subsections (5) and (6), every person to whom this section applies shall preserve all books of account and other records which are essential to the explanation of any entry in such books of account of that business for a period of 6 years after the end of the income year to which such books of account or records relate.
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(5) The Comptroller may, by notice in writing, require any person to retain such records as are referred to in subsection (4) for such further period of time as he or she deems necessary for their proper examination.
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(6) Where—
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(a) a person dies;
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(b) a company has gone into liquidation;
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(c) a trust or body of persons has been terminated; or
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(d) in any other case where he or she is satisfied that it is reasonable to do so,
the Comptroller may, on application, approve of the disposal of any books of account or other records within such lesser period than 6 years as he or she thinks fit.
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(7) The Comptroller may, subject to such conditions and in respect of such books of account or other records as he or she may specify, authorise the retention of a micro film copy of any books of accounts or other records in lieu of the original books or records.
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(8) For the purposes of this section the books of account and other records required to be preserved shall be deemed to include the record required to be kept under Schedule 3 or 4.