Remittance Basis |
In most cases, income will be taxed on an arising basis. If the Trust is taxed on the remittance basis, foreign dividend and foreign savings will be printed on the second page of the foreign pages rather than the first. |
Property Loss B/fwd |
If there are any property losses brought forward these should be entered here. If the Tax Return was produced in IRIS for the previous years, any brought forward losses should be shown here automatically. These will be automatically utilised against profits arising on foreign property income. Any excess losses will be rolled forward into the next year. |
Property loss arising in the year |
IRIS will automatically display the total loss from all foreign property arising in the year. |
Loss offset against total income |
Enter the amount of loss created by the deduction of capital allowances which is to be offset against other income in the year. |
Loss to carry forward or use against other income |
This is figure is the net of the property loss arising in the year less any amount which has been offset against other income in the year. |
Foreign Tax Credit Relief Tick |
IRIS will automatically compute the foreign tax credit relief due for a Trust. However, it is possible to override the amount calculated by ticking this box and entering manual figures in the boxes below. |
Foreign Tax Credit Relief (FTCR) |
Can only be used if the override foreign tax credit relief box has been ticked. Enter in this box the amount of foreign tax credit relief being claimed. |
Foreign Tax Credit Relief at Trust Rate |
Can only be used if the override foreign tax credit relief box has been ticked. If the Trust is liable to tax at the Trust rate enter the foreign tax credit relief that relates to that income in this box. Exclude the foreign tax credit relief that is not applicable to income chargeable at the trust rate, if any. For an entry in this box, Q13 on the main return must also be completed. |
Foreign Tax Credit Relief on Gains
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The software does not compute foreign tax credit relief on capital gains or fill in the corresponding detail on the foreign pages of the Tax Return. An override amount may be entered and would be included in the computation. However, it would be necessary to hand fill the rest of this section. |
Additional Information |
Enter any additional information here. |
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