Good morning. My query concerns the amount of tax needed to be paid on chargeable events arising from the cashing in of two investment bonds following the decease of the settlor (my brother-in-law) in October 2019.
The Chargeable Event Certificates state the total gain arising to be £23,532, and that £4,707 is the amount of basic rate income tax "treated as paid". Am I right in assuming that a further 25% tax - £5883 - will need to be paid on the gain i.e. the balance of the 45% trustee rate?
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