Chargeable event Certificates for deceased

miss_charlotter

Hi there, my uncle passed away a few weeks back and as one of the executors of his will i have been dealing with the finances. One of them he had was With profits bonds with Scottish Widows.
They have sent me the claims forms for the payout and also included a Chargeable Events Certificate. He paid £20,000 back in 2001 and the value of the payout is £37,026. He is a basic rate tax payer and it says he has paid tax of £3405, therefore the gain is £17,026. What i am not clear on is if this £17,000 is taxable and if I need to declare it to HMRC. Or if the tax has been paid as quoted on the certificate! Can anyone offer any help please!! I am very confused!

xylophone

https://forums.moneysavingexpert.com/discussion/5886528/chargeable-event-on-death-do-we-owe-tax

Does post 2 help?

miss_charlotter

So it sounds like we don’t have to then....

wakeupalarm

miss_charlotter wrote: »

So it sounds like we don’t have to then....

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/taxation-uk-investment-bonds/

Where the beneficial owner is also the sole life assured then the policy ends on death. Any chargeable event gain will be that of the deceased person and not that of the personal representatives (although they administer the affairs of the deceased). The gain is therefore assessed as part of the deceased's taxable income for the tax year of death.