Chargeable event gains non UK resident beneficiary

A chargeable event arises in relation to an investment bond held by the trustees of a UK resident trust. However, at the time of the chargeable event, the trustees were holding
on bare trust for a non UK resident beneficiary.

My reading of s465 & s467 ITTOIA 2005 is that in these circumstances the trustees are liable for tax on the gain, and at the trust rate, but can anyone please tell me whether
this is correct?

Diana Smart

Gordons LLP