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HMRC internal manual

Trusts, Settlements and Estates Manual

HM Revenue & Customs
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Trust income and gains: vulnerable beneficiaries: enquiries: penalties - providing incorrect information

A penalty, up to a maximum of £3,000, is chargeable on the trustees where incorrect information, statements or declarations are supplied either negligently or fraudulently. Information given jointly by trustees and a vulnerable person is treated, for the purposes of penalties, as given by the trustees.