Chargeable Event

My great Aunt died and in the process of administrating the estate we have received a number of chargeable event certificates. The total as it stands is about £48000 in gains. She was a basic rate tax payer and has never had to submit a personal tax return. the policies were held for about 30 years. What action do I need to take in relation to this?

Hi,

Please refer to guidance here.

HS320 Gains on UK life insurance policies (2022)

Thank you.

Yes I have read that article but I do not know whether I need to submit a tax return for the deceased or HMRC will calculate this including top slicing on our behalf. It's not clear on the action I need to take!

Hi Alan Lapsley,

If the chargeable gain is over £10,000 a tax return is required.

Thank you.