UK bond sole owner has died but there is no chargeable event as the bond covers multiple lives assured. Will states that bond number XYZ is for charity ABC absolutely. The executors will assign the bond to the charity.
Does anyone know how the charity will be taxed when they surrender the bond? and if they can reclaim the 20% tax credit?
Do you think that the intention of the testator was to leave the value of the Bond to charity, rather than the Bond itself? In my ignorance I beleived that when the sole owner dies, the Bond ends and the proceeds are paid out.