55Keeping of trust records

55 Keeping of trust records

(1)  This regulation has effect for the purposes of section 255 of the Act for the keeping in a permanent form of a law practice's trust records in relation to trust money received by the practice.

(2)  The trust records are to be kept for a period of 7 years after –

(a) in the case of a trust record referred to in paragraphs (a) , (b) , (c) , (d) , (e) , (f) , (g) , (h) , (i) , (j) , (k) , (l) and (m) of the definition of trust records in section 231(1) of the Act, the only or the last transaction entry in the trust record; or

(b) in the case of any other trust record, finalisation of the matter to which the trust record relates.

(3)  This regulation does not apply to a written direction referred to in section 242(1)(a) or section 245(1) of the Act.