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The following guide assumes you are working on a client in IRIS Personal Tax with the 2007 tax year selected.
Select Other Capital Gains on the left hand side of Capital Assets.
Click Add along the top, or select Edit | Other Capital Gains | Add Other Capital Gain
Select Broker's Schedule.
Complete the details as per the clients broker schedule:
Description
Date gain arose - 5th April for the tax year the gain arose.
Total proceeds
Net gain (-loss) after indexation, costs and taper relief.
Click OK to save.
Two additional fields must be filled into complete the 2008 Self Assessment form correctly:
Number of Disposals - this refers to the number of separate disposals that the gain or loss amount relates to.
Total Taper Relief - this is the total amount of taper relief that has been deducted from the gain(s).
Please note that due to the changes to the 2008 Personal Tax Return two separate entries must be made where a brokers schedule contains both gains and losses on separate disposals. The new tax return contains boxes that must be completed before any losses are deducted and the losses are then disclosed separately.
A brokers schedule is received for a client who has 4 shareholding disposals during the 2008 tax year; one of the disposals is at a loss:
Shares in Company A - Gain £10,000 (after taper relief of £3000)
Shares in Company B - Gain £5,000
Shares in Company C - Loss £6,000
Shares in Company D - Gain £7,000 (after taper relief of £2100)
The net gain on the brokers schedule would be £16,000.
When entering this into IRIS Capital Assets the following entries need to be completed in Other Capital Gains to ensure the new form is completed correctly.
Brokers Schedule (Losses) - (£6,000), number of disposals 1.
Brokers Schedule (Gains) - £22,000 , number of disposals 3, total taper relief £5100