Search Legislation

Finance Act 2003

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: Responsibility of trustees of settlement

 Help about opening options

Alternative versions:

Status:

Point in time view as at 08/02/2023.

Changes to legislation:

Finance Act 2003, Cross Heading: Responsibility of trustees of settlement is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Responsibility of trustees of settlementU.K.

5(1)Where the trustees of a settlement are liable—U.K.

(a)to make a payment of tax or interest on unpaid tax,

(b)to make a payment in accordance with an assessment under paragraph 29 of Schedule 10 (recovery of excessive repayment), or

(c)to a penalty under this Part or to interest on such a penalty,

the payment, penalty or interest may be recovered (but only once) from any one or more of the responsible trustees.

(2)No amount may be recovered by virtue of sub-paragraph (1)(c) from a person who did not become a responsible trustee until after the relevant time.

(3)The responsible trustees, in relation to a land transaction, are the persons who are trustees at the effective date of the transaction and any person who subsequently becomes a trustee.

(4)The relevant time for this purpose is—

(a)in relation to so much of a penalty as is payable in respect of any day, or to interest on so much of a penalty as is so payable, the beginning of that day;

(b)in relation to any other penalty, or interest on such a penalty, the time when the act or omission occurred that caused the penalty to become payable.

Back to top

Options/Help