Chargeable Event Gain

My husband and I have recently cashed in an investment policy which has resulted in a chargeable event gain. I currently work but am below the tax paying threshold and my husband is a pensioner. Is it necessary for us to complete a self assessment? and, if so, does just one of us need to do it, or do we both need to? Thank you.

Hi
If your share of the gain is over £10,000 then a tax return is required by both of you.
If its less, you can send in a copy of the certificate for HMRC to review.

Many thanks for your reply it is much appreciated. The gain will be shared equally - presumably we can detail this on the Self Assessment Form?

Hi
As the gain is shared equally and for each of you will be over £10000.00, you will both need to submit a self assessment tax return.  
You can mention in the freehand notes box that this is a joint chargeable event and that you are each declaring 50% of the gain.

Following your info I applied for a UTR in October but did not hear any further. I then tried the online chat and they completed the form again for me but I still haven't received a UTR. When am I likely to receive it?

Hi,

You should have received this by now. You will need to contact us to chase this up.

Self Assessment: general enquiries

Thank you.