Do I need to self assess if there is no income tax due on a chargeable event due to bond sale.

Last year I fully surrendered a UK onshore investment bond worth over £10,000. This had been held for over 20 years with no withdrawals made previously meaning there was the full tax deferred allowance available. I am a basic rate tax payer and the difference between the sale value and the tax deferred allowance did not make me a higher rate tax payer, therefore my understanding is that there in no income tax due on the chargeable event as this type of bond is treated as having paid basic rate tax on the amount of the gain. I do not currently self assess. As there is no income tax due on the chargeable gain, do I still need to register for self assessment as the value exceeded £10,000? This was a one off event and I do not currently foresee a future need to complete self assessments.

Hi,

Yes, a return is required as the event is over £10,000 and this meets the Self Assessment criteria.

Thank you.