Taxation of chargeable event

I am looking at an insurance policy trust from 1999 where the Settlor died in the 2021 tax year and part of the policy matured in the 2022 tax year. Several beneficiaries seem to have vested interests albeit the trustees have a power of appointment for the full 80 year period. As I understand it, HMRC consider this settled property for IHT purposes but I need to be sure as to how the chargeable event gain is taxed. Do I work on the basis that I have an IIP settlement and if so, am I right in thinking that as this is a chargeable event gain, higher rates of income tax apply?

Maturity of a life policy/bond is a chargeable event.

The event gain on the maturity occurred in the tax year (2022) following the tax year (2021) of death of the settlor/creator. Any liability arising on the gain is therefore that of the trustees and gives rise to an income tax charge 45% [ITTOIA 2005 s467 and Condition B; ITA 2007 s482].

Malcolm Finney