Certificate of Chargeable Event - Surrender of Investment Bond following Settlor’s death

My two siblings and I were beneficiaries of a Discounted Gift Trust which was surrendered in full following the death of the settlor. We are all basic rate tax payers and each received approx £25k in October this year. We have now received a Certificate of Chargeable Event and would appreciate clarification as to whether we need to register for Self Assessment. If so, we presume this will not be required until the new tax year?

Hi ,
 

If the actual gain for each of you is over 10k, then yes you need to complete a tax return for the 24/25 tax year. You need to register by 5 October 2025 and submit a return by 31/1/26  . Thank you .