As a pension scheme trustee if a return is not received and I do not chase the Inspector of Taxes up for one will I be liable to a penalty?
A. No, you cannot be charged a penalty for not sending in a return if a notice was never issued to you. The notice is contained on the front page of the return itself. However, if the trustees have tax liability to report, you have an obligation to notify the Inspector of Taxes of that liability. Failure to notify that tax liability by 5 October following the end of the year of assessment in which the liability arose will render you liable to a tax geared penalty under Section 7 Taxes Management Act 1970.
