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The asset details screen is accessed via Capital Assets when adding new assets or editing existing assets. The screen is used for recording the details of any assets held that are or will be eligible for capital gains. Shares or unit trusts holdings should be entered in the share holdings section.
An example of this screen can be seen here.
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Field name |
Description |
Client Type |
|
Date Acquired |
Enter the date the asset was purchased. |
All |
|
Asset Description |
Enter a description for the asset. |
All |
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Amount Paid |
Enter the cost of the asset. |
All |
|
Market Value @ 1982 |
Enter the Market Value as at the 31st March '82 for rebasing purposes. This field is only enabled when the purchase date is on or before 31st March 1982. |
All |
|
Enhanced Exp |
Click the magnifying glass to enter any enhancements for this asset. Asset enhancements can also be accessed from the main Capital Assets window. |
All |
|
Spouse transfer before 6th April '08 |
Tick this box to trigger indexation calculations on assets transferred from the clients spouse. |
Individuals and trusts |
|
Jointly Held |
Tick this box to state the asset is jointly held with another individual or trust and enter the percentage of ownership for this client. |
Individuals and trusts |
|
Disposals |
Click the magnifying glass to enter any disposals for this asset. Disposals can also be accessed from the main Capital Assets window. |
All |
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Attributed Gain |
Select the attributed gain option for assets attributable to a settlor. |
Individuals only |
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Land or Property |
Select this option to enter an address for any land or property gains. |
Individuals and trusts
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Other |
Select other for assets that are not land and property or attributed to a settlor. |
Individuals and trusts
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Chargeable on settlor |
Tick this box to stop the taper relief calculation being performed on this asset. |
Trusts only |
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Cost of Acquisition |
Enter any expenses associated with the purchase of this asset, for example stamp duty or legal fees |
All |
|
Description of Cost |
Enter a description for cost of acquisition. |
All |
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Asset Use Non-Business |
Select this option if the asset is solely for non-business use. |
Individuals and trusts |
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Business |
Select this option if the asset is solely for business use. |
Individuals and trusts |
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Shared |
Select this option if the asset is a mixture of business and non-business use; enter the percentage of business use in the % field. |
Individuals and trusts |
The tick box for disposal of only or main residence is located under Losses and Other Information.
Details of enhancement expenditure and of the disposal are entered on separate screens.
Spouse transfers made before 6th April 2008 are subject to an indexation calculation; the asset must be created with the original purchase date and amount.
The Clone option, only available in IRIS Personal Tax, allows the details of an asset to be copied to another client. This feature is useful when setting up assets that are jointly held or transferred between two clients on the system. Simply click Clone and then select the client you wish to copy the asset to. For more information please read the How to Clone an Asset help screen.
Please refer to the quick guide 'How to enter an asset' for a step by step guide on how to create an asset that has enhancement and disposal.
