SteveP

Hello, My mother passed away in March 2024 and I am one of the executors of her will. At that time she was the policyholder for 3 life assurance bonds and the sole named beneficiary ( they were originally joint life policies with her husband who died in 2015) I have received Chargeable Event Certificates for all 3 policies but I am unsure who should declare these and pay any income tax due. I assume they form part of her estate and will be distributed in accordance with her will. The full value of these policies has therefore been included in her IHT return. However, who, if anyone, is liable to pay any additional income tax on the Chargeable event? As she was the named beneficiary do we need to declare these as part of her income for the year in which she died (although the payout only occurred in this tax year), or is it the responsibility of the beneficiaries of her will to declare these as part of their income?