# Finance Act 2003, Paragraph 5


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

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/16/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-16/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.