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  • RE: Chargeable event from death

    Even though I am not the only beneficiary in the will?
  • Chargeable event from death

    Hello My dad died in January this year. I was the only executor of the will, which said to split any monies between surviving children, or their children if they had already passed. There was a policy from the Prudential for £23,391. So I divided this into 3, so £7797 each, then one of those 3rds divided again into 4 because my sister died 12 years ago and her share went to her 4 children. Today I got a chargeable event certificate saying Surrender value at DoD £23391 Premiums paid £7662 Chargeable gain £15729 Notional tax £3145 I tried phoning HMRC, who told me to phone the Pru, the Pru said phone HMRC. I phoned back and the advice was clear as mud, as is the advice online (to me anyway). My question is, as we received less than £10k each, do we need to do a Self assessment? Or because it all came to me and then I split it out (the letter is just in my name) do I have to just do a Self assessment, and pay anything myself? Also, will it affect my tax code. Sorry it's long and rambling, it's making me extremely stressed. Tia