For more information see HMRC helpsheet 321.
When multiple chargeable event gains are entered, the necessary calculations will be performed to ensure the correct gains are reported to HMRC. Where multiple gains exist HMRC may require that the number of years fields of the tax return are left blank and the full details of all gains are included in the additional white space notes.
HMRC guidelines will be followed in order to ensure that the notes are created correctly and the overall calculated gain submitted to HMRC is correct. You can view the tax return to see what data is included in the return boxes and the white space notes.
Any Top Slicing Relief due is automatically calculated and included in the tax calculation.
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Policy and event details - enter a brief description of the event giving rise to the gain.
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Date of chargeable event - enter the date of the chargeable event giving rise to the gain. Only gains falling in the current tax year should be included.
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Number of years – input the number of years since the policy was taken out, or since the last gain (whichever is lower).
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Amount of gain - enter the amount of the gain, as given on the event certificate.
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Tax treated as paid - if tax has been treated as paid on the gain, enter the amount. If no tax has been treated as paid, leave this column empty.
To delete a line from the grid, select the ‘trash can‘ icon at the end of the line.