Well, I recon I am now the master of Volvo Penta trim senders and trim limit boxes. Mine now works! No parts required!
Here's how I see it!
If your trim up/down on the throttle doesn't do anything but the trailer up works fine,
go to the left side of the top of the engine and find a rubber connector with three wires (marked as trim). By trial and error find the one with 12v and link that with a paperciip to each of the open terminals. This will cause the trim motor to raise and lower the outdrive. If that all works then there is nothing wrong with your relays or motor assembly.
You probably have "full up" showing on your trim gauge.
Connect the plug and socket you just checked back together. Look to the back of the engine and you should see a block about 4" x 3" or so with a bunch of wires and led lights on it - this is the trim limit box. Get someone to operate the tilt/trim on the throttle lever. You should see a trim up led light or trim down led light up when the switch is pressed. At that point you have proved that the basis of the operation of the trim limit box is OK.
Near the box you should see another plug and socket marked "trim sender". Run the trailer trim up until the outdrive is full up/out. Measure across the the two black wires and you should see 11 ohms or so.
Note: If the trim sender side is faulty the guage will definitely show full up and the trim motor will not operate from the throttle up/down switch.
If you don't get any reading across the two black wires then keep the meter connected and use the paperclip method to run the the trim full down and then back to full up. This is important as you are looking for any sign of a reading on the meter. If you see anything such as the meter jump do it again then plug the thing back together again and it may all work. If you never see any reading replace the sender.
Seems that overtime and with sitting some grunge can get into the sender and running it up and down can coax it to work again.
Otherwise it maybe a broken wire between the sender on the outdrive or truly a faulty sender.
FYI - I was prepared for everything and now I have a brand new, unused trim limit box for sale!
Open to offers!
JC