Chargeable Event from Offshore Life Insurance Bond Surrender - do I need self assessment?

I am a basic rate tax payer (£20k pa) and I have a chargeable gain of £4,500 on the surrender of an Offshore Life Insurance Bond. Do I need to complete a self assessment as I have never done one before or can I calculate the tax and send in a cheque?

Hi,

As it is foreign income, you will need to declare this in a tax return so you will need to register for self assessment for 1 year.

Thank you.