Highlights from the broader tax news for the week ending 25 January 2023, including: Scottish Green Freeports; and HMRC guidance on penalty charges for trusts.
Scottish Green Freeports announced
Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been jointly selected by the Scottish and UK governments to become Scotland’s first Green Freeports. The two winning bids will be supported by up to £52m in start-up funding and will benefit from tax reliefs and other incentives. The Scottish Government will publish more information in due course.
Penalty charges for trusts
HMRC has published new guidance on when it will issue penalty charges for trusts that are within the scope of the Trust Registration Service (TRS).
Certain trusts are required to be registered on the TRS and trustees must keep the information on the TRS up to date. HMRC may levy penalties where these steps are not taken within certain time limits.
HMRC acknowledges that the TRS requirements are new and may not be familiar to many trustees. Its guidance therefore sets out that penalties will only be charged if failure to register or maintain information has been taken deliberately, and the situation has not been addressed within set time limits.