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Posted Thu, 12 Jan 2023 16:29:23 GMT by Alan Lapsley
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?
Posted Tue, 17 Jan 2023 10:51:53 GMT by HMRC Admin 32

Please refer to guidance here.

HS320 Gains on UK life insurance policies (2022)

Thank you.
Posted Tue, 17 Jan 2023 12:07:55 GMT by Alan Lapsley
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!
Posted Fri, 20 Jan 2023 12:33:25 GMT by HMRC Admin 20
Hi Alan Lapsley,

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

Thank you.

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