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HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
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Capital items that are income for tax purposes: UK life assurance gain trust office receives a chargeable event certificate

The chargeable event certificate should show the policy holders are the trustees.

If not a company, the gain is usually chargeable on the settlor. However the gain is chargeable on the trustee if either of the following apply:

  • the individual who created the trust is not resident in the UK at the time of the chargeable event
  • the individual who created the trust is dead at the time of the chargeable event

If the gain is chargeable on the settlor send the certificate, with a covering note, to the settlor’s tax office.

If it is chargeable on the trustees, refer to TSEM3210.