HM Revenue and Customs advise that you should keep your personal tax and financial paperwork (non-business) for at least 22 months from the end of the tax year. This would mean keeping the papers for the 2008/9 tax year until at least 31 January 2011. If you submit your Tax Return late you need to keep the supporting papers for 15 months from the submission of the Return.
Having seen the problems caused by not having the necessary papers available, I would keep some papers for rather longer. These would include :
- Any details on the purchase of assets you still own, whether this is a property, shares, valuable picture/cars/boats etc.
- Invoices supporting major work on such assets, house improvements etc
- Details of any significant gifts made (over £3,000) for at least seven years
- Details of any significant gifts or bequests received for perhaps six/seven years
- Annual valuations of pensions, life assurance etc – this is a good chance to review how these are performing as well
