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To access the Losses and Other Information screen from within Capital Assets select Edit | Losses and Other Information
The screen does vary considerably between the different IRIS tax products:
The Losses and Other information screen stores further information for completion of the individual's tax return. Details are stored for each fiscal year. The system will automatically default to the tax year selected for example 2014 will apply for the year ending 5/4/14.
Use this screen to indicate the disposal of the client's main residence, to enter details of attributed gains and additional information for 1999 onwards.
From 2001 onwards the dispose of main
residence option box should not be selected unless the gain is
taxable. In most cases the disposal is not taxable because it is covered
by principal private residence relief.
An example of this screen can be seen here.
Field Name |
Description |
SA108 Box |
Tax Year |
This field allows you to select a different tax year within the screen. |
|
Disposal of Main Residence? |
Tick this box to complete Question 8 on page 2 of the main tax return form where the client has sold their main place of residence. |
Q8 only up to 2008 |
Rebasing Election |
Tick this box to elect to rebase all assets held at 31st March 1982 to their 1982 market value. |
|
Are you claiming and/or using any clogged losses? |
Tick this box to state you are claiming and/or using clogged losses during the year. |
CG8 |
Additional Information? |
Tick this box to type additional notes into the additional information box. |
37 |
Attributed Gains? |
Tick this box to enter any gains 'attributed to gains from non resident trusts where liable as beneficiary' and to enter any 'attributed gains from settlor interested trusts where personal losses cannot be set off'. |
34 |
Force CG Tax Return pages? |
Tick this box to force the print out of the Capital Gains pages whether they are due or not. |
|
Foreign Tax Credit Relief |
Tick this box to overrride the foreign tax credit relief calculated and enter the amount to be deducted in the capital gains tax computation. |
|
Capital Gains Tax Adjustment |
If the calculated capital gains tax figure needs adjusting, for things like foreign tax credit relief, additional liabilities in respect of non-resident or dual resident trusts or clogged losses; enter the adjustment here. The adjustment may increase or decrease the amount of Capital Gains Tax payable, but should not include any pence. |
8 |
Additional liability in respect of non-resident or dual resident trusts |
Tick this box to enter any gains that are taxable on you as a beneficiary of a non-UK resident trust and there is a gap between the gain arising and you receiving a payment or benefit from the trust. |
9 |
From 2013 onwards Additional gains invested under SEIS and qualifying for exemption |
Enter here the total of all your gains made on the disposal of assets in the year which are claimed to be exempt because of reinvestment into shares issued to you, or treated as issued to you, in that year by one or more Seed Enterprise Investment Companies. Box 5 is the sum value in the 'amount of relief' field from the Claim Relief data entry screen when the relief type is set to '20 (Seed enterprise investment scheme disposal)' and the value in the 'Additional gains invested under SEIS and qualifying for exemption' field from the losses and Other information data entry screen. |
5 |
Losses brought forward are not all allowable to be utilised |
When there is a change of status from Resident to Non Resident or vice versa, the capital losses brought forward may need to be restricted. Tick this box if the losses brought forward contain losses that are from Non Resident assets. These can only be used against other Non Resident Gains or Land and Property Gains only. Alternatively if there are gains this year that are liable to NRCGT and if the losses brought forward include other gains (not property) then these are not allowable to be used against Non-resident gains. |
|
Losses brought forward allowable to use against capital gains or NRCGT |
Enter the amount of restricted losses that are allowable to be utilised in the year. |
|
Total previous years gains on which entrepreneurs' relief has been claimed |
Select this box to override the amount of entrepreneurs relief claimed in previous years. |
|
Losses brought forward from 1995/96 and earlier years |
Enter the amount of losses brought forward from 1995/96 and earlier years. |
|
Losses brought forward from 1996/97 and later years |
Enter the amount of losses brought forward from 1996/97 and later years. |
|
This years losses used against earlier years gains |
Enter any CG losses that have been off set against gains from a previous year. Please refer to hs282 for more information. |
11 |
This years share loss relief used against this year's income |
Losses may be able to be set off against other income. |
12 |
This years losses used against last year's income |
Losses may be able to be set off against other income arising in previous years.. |
14 |
Amount relating to share to which EIS /SEIS is attributable for: Share loss relief used against this year's income |
Enter the amount entered in the corresponding field above that relates to shares which Enterprise Investment Scheme or Seed Enterprise Investment Scheme relief is attributable. |
13 |
Losses used against last years income |
Enter the amount entered in the corresponding field above that relates to shares which Enterprise Investment Scheme or Seed Enterprise Investment Scheme relief is attributable. |
15 |
For Limited companies we can manually enter/edit the Losses brought forward from the previous accounting period. The details are stored for the 1st CTAP in the accounting period currently selected within the main Business Tax program for the client you are working on.
An example of this screen can be seen here.
The carried forward figure does not update until you click OK and re-load the screen.
To bring forward losses from the previous accounting period please refer to the IRIS Business Tax help.
The Losses and Other Information screen keeps a year by year record of the annual exemption for Capital Gains, losses brought forward and other general information regarding the Trust and Capital Gains.
An example of this screen can be seen here.
Field Name |
Description |
SA109 Box |
Tax Year |
This shows the tax year selected |
|
Rebasing Election TCGA S35(5) |
Tick this box to elect to rebase all assets held at 31st March 1982 to their 1982 market value. |
|
Clogged Losses |
Tick this box to state you are claiming and/or using clogged losses during the year. |
TC1 |
Additional Information |
Tick this box to type additional notes into the additional information box. |
5.24 |
Force CG Tax Return pages |
Tick this box to force the print out of the Capital Gains pages whether they are due or not. |
|
Number of Trusts made later than 06.06.78 |
If the Trust was made after 6th June 1978, enter the number of Trusts that were made after 6th June 1978 by the settlor of this Trust and that still existed during the year to 5th April 2007? |
5.8 |
Annual Exemption |
The annual exemption is entered automatically by IRIS The amount can be changed here for trusts that do not conform to the normal exemption amounts. |
5.10 |
Losses b/fwd from 1995/96 and earlier years |
Enter the amount of losses brought forward from 1995/96 and earlier years. |
5.17A |
Losses b/fwd from 1996/97 and later years |
Enter the amount of losses brought forward from 1996/97 and later years. |
5.16 |
Losses transferred to beneficiaries or losses on mineral leases |
If losses have been transferred to the beneficiaries or losses have been carried back, enter the amount here (normally only on mineral leases) |
5.14 |
The Capital Gains schedule will not be printed if there are no capital gains or losses arising in the fiscal year or if the gains are below the annual exemption and the disposal proceeds are below the limit. The Capital Gains schedule does not need to be printed if the only entry would be the losses brought forward from an earlier year.
Losses from income set against capital gains are entered in the appropriate income data entry screens.
Capital Gains screen
Edit Return screen
