Trust income and gains: vulnerable beneficiaries: enquiries - penalties
Penalties may be charged in accordance with TMA1970/S98 in the circumstances set out in TSEM3483 and TSEM3484.
If any of the information, documents or details are not provided, the trustees may be liable to penalties. The initial penalty cannot exceed £300 but further daily penalties can be imposed up to a maximum of £60 for each day on which the failure continues. Daily penalties can only be imposed from the day after the initial penalty is determined and no penalty can be imposed once all the information has been provided.