Bank and investment documents retention?

ArJay_2

I've got boxes of personal bank statements, cheque books, investment, tax, social security and employment documents going back decades including when I lived and worked in Belgium and Germany in the 80s and 90s! I've kept them in case either HMRC or some other government agency ever wants to a) know where the money came from, or b) challenges any aspect of my self-assessment returns. I really think I should shred those over 10 years old, but can't quite bring myself to do it...any advice?

jimjames

Scan them so you have copies but not the actual printed versions?

ArJay_2

It would be easier to keep the paper! I guess my real question is whether there are any circumstances where I'm going to need documents this old. Seven years is often talked about, but can I rely on this? 

eskbanker

For self-assessment, HMRC say that "You should keep your records for at least 22 months after the end of the tax year the tax return is for", while an MSE article suggested retaining records potentially infinitely in case of needing to support historic claims.  There have been posts on the pensions board about looking back decades to validate pension or NI contributions, for those who don't trust HMRC, pension companies or employers to be right all the time....!

https://www.gov.uk/keeping-your-pay-tax-records/how-long-to-keep-your-records
https://blog.moneysavingexpert.com/2013/08/dont-throw-bank-statements-away-after-six-years/

Apodemus

ArJay_2 said:

I really think I should shred those over 10 years old, but can't quite bring myself to do it...any advice?

Lol! I hear ya! I think I've got all my cheque book stubs and statements going back to 1976, so you don't want advice from me! I've also got contract notes for shares bought in the late 60s/early 70s for companies that no longer exist... People like us need psychological help rather than financial advice!

EDIT:  And no, there is virtually no scenario where anything over seven years is ever going to be needed!

Thrugelmir

ArJay_2 said:

It would be easier to keep the paper! I guess my real question is whether there are any circumstances where I'm going to need documents this old. Seven years is often talked about, but can I rely on this? 

If you've nothing to hide then there should be no concerns. 

IanManc

Apodemus said:

ArJay_2 said:

I really think I should shred those over 10 years old, but can't quite bring myself to do it...any advice?

Lol! I hear ya! I think I've got all my cheque book stubs and statements going back to 1976, so you don't want advice from me! I've also got contract notes for shares bought in the late 60s/early 70s for companies that no longer exist... People like us need psychological help rather than financial advice!

EDIT:  And no, there is virtually no scenario where anything over seven years is ever going to be needed!

Records relating to estates where inheritance tax has been paid need to be kept for 20 years. I don't know of any other situations which require the long term keeping of records, but there may be others.

Valuing an estate for Inheritance Tax and reporting its value to HMRC: Records - GOV.UK (www.gov.uk)

MX5huggy

I would keep them, not for the reason of proving tax returns but to aid you if there is ever any question over your entitlement to state pension which in your case could be fairly complex covering 3 countries maybe a P60 for each year is all that is required instead of every payslip. 

Then there is the example of PPI claims while that particular door is probably closed it’s an example of those that had records from the past probably had much easier claims. If something similar occurs in the future maybe having the paperwork will assist, I surspect banks are much more keen to destroy old records that they are not required to keep these days 

tebbins

I would keep them for the sentimental value, if I even had things like that.

ArJay_2

Thanks everybody. These replies have been very helpful and confirm my own "logical" thinking. To Apodemus - good to hear there's somebody worse than me!! Yes I do seem to have an irrational attachment to my old records, perhaps beyond "they might be coming to get me one day even though I've always followed the rules". My first investment was in 1985 and I had to make an appointment with the stockbroker in his office to buy some P&O shares and UK Gov bonds - how the world has moved on. Maybe I should keep that that paperwork for sentimental reasons :-) I have the UK / Belgian and German state pensions sorted, and never paid PPI, so apart from HMRC self-assessment paperwork, maybe that's it. Now I have to actually do it (fill the shredder bags that is...) eek.

MX5huggy

PPI is just an example of a case where keeping old credit card statements would have been an advantage. You don’t know what the next case might be. Say it’s identified that a major bank underpaid credit interest on bank accounts for 20 years between 1980 and 2000.