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The asset disposal screen is for entering the disposal or part disposal of assets. The disposal screen is accessed in Capital Assets by selecting Assets on the left-hand side and then clicking Dispose.
The top half of the screen displays all the assets for the currently selected client.
The Disposals area in the middle lists all disposals entered for the currently selected asset.
The bottom half of the screen is for the details of a new or currently selected disposal.
Indexation allowance and taper relief are calculated automatically once a disposal has been saved.
An example of this screen can be seen here.
Field Name |
Description |
Client Type |
|
Disposal Date |
Date the asset disposal occurred. |
All |
|
Disposal Value |
The disposal proceeds |
All |
|
Residual Market Value |
The market value of the remaining asset where the asset has suffered a partial disposal. |
All |
|
S.86 TCGA'92 Settlor Charge Applies |
Tick this box to include the asset on Form 50(fs). |
Trusts only. |
|
Underlying Non-Resident Company |
Tick this box where the gain arose from an underlying non resident company (Form 50(fs)). |
Trusts only. |
|
Not at Arm's Length |
Tick this box where the disposal is to an interested party. |
Limited companies and trusts. |
|
Claim Relief? |
Tick this box to claim a relief that relates to this disposal. |
All |
|
Incidental Cost |
Enter any costs associated with the disposal, for example legal fees. |
All |
|
Description of Cost |
Enter the description relating to the incidental cost. |
All |
|
Additional Charge in respect of non or dual resident trusts |
Enter any additional charges that relate to non or dual resident trusts. |
Individuals and trusts only. |
|
Connected Person |
Tick this box to enter the name of any connected parties the asset was sold to. |
Individuals and trusts only.
|
|
Valuation used? |
Tick this box if a valuation was used on disposal. |
All |
|
Check box if form CG34 has already been submitted |
Tick this box if form CG34 has already been submitted in relation to this valuation. |
All |
|
Date of Valuation |
Enter the date the valuation occurred. |
All |
|
Amount |
Enter the amount of the valuation. |
All |
|
Notes / Reason |
Enter any additional information about the valuation. |
All |
|
Foreign Tax Credit Relief |
Tick the box to enter the details of foreign tax credit relief. |
Individuals and trusts only. |
|
Entrepreneurs Relief |
Tick the box to enable the entrepreneurs relief calculation. Click the magnifying glass to override the amount calculated and to enter a reason. If no reason is entered; “unknown” will be displayed on the capital gains computation. |
Individuals and trusts only. |
Select Assets on the left-hand side of Capital Assets.
Click Dispose at the top of the screen.
Select the asset you wish to dispose.
If a disposal is already selected you must click New to enter another.
Enter the details as necessary.
Click Add to save the disposal.
Click Close to exit the disposal screen.
Select Assets on the left-hand side of Capital Assets.
Click Dispose at the top of the screen.
Select the asset you wish to dispose.
Select the disposal you wish to edit
Edit the details in the fields.
Click Update to save the changes.
Click Close to exit the disposal screen.
Select Assets on the left-hand side of Capital Assets.
Click Dispose at the top of the screen.
Select the asset you wish to dispose.
Select the disposal you wish to delete.
Click Delete.
Click Close to exit the disposal screen.
Taper Relief and Indexation are automatically calculated once a disposal has been saved. The calculation is based on the asset details, enhanced expenditure and disposal information entered into the system, more information about these calculations can be obtained by selecting a disposal and then by clicking the appropriate magnifying glass.
