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Posted Thu, 08 Dec 2022 17:48:53 GMT by helkel45
Hi I have received a chargeable event notice as the executor of a will. The amount handled on behalf of the beneficiary who lives in Australia and has no financial or banking links to the UK was over £10,000. I did not receive any money from the transaction. Do I need to fill in a self assessment form to notify HMRC? I am employed and use the PAYE system. I do not usually fill in self assessment. Thank you!
Posted Mon, 12 Dec 2022 13:27:44 GMT by HMRC Admin 2
Hi,

You can find guidance on gains on UK life insurance policies  in Self Assessment helpsheet HS320, 'Part 2 - When the gain is your income'.

Gains on UK life insurance policies (Self Assessment helpsheet HS320)

It is likely that the gain is part of the deceased estate, so you should send the chargeable event certificate to HMRC, BX9 1AS, so that it may be reviewed.

Thank you.

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