Tax on trust/ chargeable events certificate

[MB74]

Hi, I recently received a chargeable events certificate after cashing in an insurance policy for my children. I was joint trustee and gain was £7,130 with £1,427 in tax treated as paid. I assume that means chargeable gain is then £5,703. As this falls below £10,000 and I am only one of two trustees how should I declare this, I am not sure if need to do a Trust and Estate Tax Return, add to my self assessment form later in year or just send HMRC the certificate and national insurance numbers or do nothing due to low amount? Any guidance most appreciated

[AGoodman]

If you funded the trust/policy then the liability will likely fall on you personally so may need to be included on your personal SA return.

If it was funded by somebody else, and they are still alive, it will be theirs. If they have died, you will probably need to file a trust return.

https://www.gov.uk/government/publications/gains-on-uk-life-insurance-policies-hs320-self-assessment-helpsheet/hs320-gains-on-uk-life-insurance-policies-2023#part-2--when-the-gain-is-your-income

[MB74]

Thank you, it was initially funded with the proceeds of a will. Is it not just the gain though I would taxed on so is it gain I need to declare or the source of funds too?