TSEM3215 | 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.