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Land and Property disposals entered as Assets or Other Capital Gains must have an address to complete an individual or trust tax return. This screen facilitates the data entry of the address, details of ownership and any tenancies that affect the ownership for the property; all the fields on this screen are optional apart from the post code which must be completed to prevent rejections when filing online.
From 2017 residential property that does not qualify for private residence relief are taxed at a higher rate of tax than other gains. If applicable, select this tick box to ensure the correct rate of tax is calculated.
From 2017 where a residential property is liable to non-resident capital gains tax, select the appropriate box, on the self-assessment tax return box 9 will be completed in the event of disposal.
From 06/04/2019, all Land and Property is liable to non-resident capital gains tax. There is a tick to indicate the property is Liable to Non-resident CGT. There is tick to indicate a property is Residential, and if this remains unticked the property will be considered Non-Residential.
There is also a drop down option to select the disposal type as Direct or Indirect.
In the disposals screen, the Market Value has further options to select the value at 04/2015 or 04/2019 as needed.
This only applies for Property assets that have Liable to Non-resident CGT ticked.
Information entered into this section prior to loading V8.9 will appear in the bottom of the screen as a Legacy Address. This information must be re-entered into the Address section at the top of this screen. This can be done quickly by highlighting each line of text individually to copy and paste into the separate fields above. To copy ‘Right Click | Copy or press CTRL-C’ and to paste ‘Right Click | Paste or press CTRL-V‘.