Responsibility of trustees of settlement
7(1)Where the trustees of a settlement are liable to pay—
(a)tax or late payment interest on that tax,
(b)an amount under section 55 of TCMA (recovery of excessive repayment) or late payment interest on that amount, or
(c)a penalty under Part 5 of TCMA or late payment interest on that 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 is—
(a)in relation to so much of a penalty as is payable in respect of any day, or to late payment interest on so much of a penalty as is so payable, the beginning of that day;
(b)in relation to any other penalty, or to late payment interest on the penalty, the time when the act or omission occurred that caused the penalty to become payable.
(5)In this paragraph, “late payment interest” means late payment interest under Part 6 of TCMA.