In a major revamp of its guidance for trustees, HMRC has published new content confirming the penalties it can issue where trustees fail to register or maintain the details of a trust. The new guidance notes HMRC’s discretion to waive penalties where a failure was not deliberate and where the trustees take remedial action. Separate guidance covers the £5,000 fixed penalty charge where HMRC finds the failures were deliberate. Practitioners may also want to review HMRC’s overview of penalties aimed at agents and advisers.
In a major revamp of its guidance for trustees, HMRC has published new content confirming the penalties it can issue where trustees fail to register or maintain the details of a trust. The new guidance notes HMRC’s discretion to waive penalties where a failure was not deliberate and where the trustees take remedial action. Separate guidance covers the £5,000 fixed penalty charge where HMRC finds the failures were deliberate. Practitioners may also want to review HMRC’s overview of penalties aimed at agents and advisers.
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