Following on from this very helpful thread can I ask about these bonds where the last named life assured has died so the policy is at an end and can pay out and a chargeable event for income tax purposes has therefore occurred. In my particular case the bond is held under an old Hambro Life Family Trust where family beneficiaries are named in default of any appointment. No appointment has been made to date. Therefore, my question is are the proceeds now held on bare trusts for the named beneficiaries and in which case I think ITTOIA05/S465 (2) says the bare trust is ignored and each individual named beneficiary is chargeable by virtue of this provision? The alternative ( and less beneficial ) view is that the chargeable event is assessable on the Trustees who are then chargeable by virtue of section 467. What do Forum Members think?