Details of acquisition of assets which may incur tax or legal treatment on disposal?
Ongoing contracts (e.g. life insurance policies may last 40+ years). I did work for an insurance company once, and they had active policies started prior to 1940. There were electronic documents which dated back 30+ years.
While completed transactions may only need records for a few years, ongoing assets and contracts need documentation held for much longer.
Comments
Details of acquisition of assets which may incur tax or legal treatment on disposal?
Ongoing contracts (e.g. life insurance policies may last 40+ years). I did work for an insurance company once, and they had active policies started prior to 1940. There were electronic documents which dated back 30+ years.
While completed transactions may only need records for a few years, ongoing assets and contracts need documentation held for much longer.