HMRC have the absolute right to inspect the statutory records and there is no appeal against a notice requiring the production. Statutory records are defined by the Finance Act 2008, Sch. 36, para. 62 as information or a document which the person is required to keep and preserve under the Taxes Act and VATA 1994 or any other enactment relating to that made under it.
They continue to comprise the statutory records until the period for which they have been retained has expired.
If the records are not business records, for example interest certificates for a non-business bank account, they can only become statutory records at the end of a chargeable period. This means that HMRC has only the right to inspect them after the end of the chargeable period they relate to although they may be able to require them by way of an information notice if the necessary conditions are fulfilled.
Any dispute over whether a document is a statutory record must be decided by the Tribunal on an appeal against an information notice or against the imposition of a penalty for failing to comply with the notice.