Thank you for your feedback.

Was this useful?

Error 6592 6492 Error On Residential Property Gains With Foreign Tax Credits

Article ID
error-6592-6492-error-on-residential-property-gains-with-foreign-tax-credits
Article Name
Error 6592 6492 Error On Residential Property Gains With Foreign Tax Credits
Created Date
8th November 2020
Product
IRIS Personal Tax
Problem
Error 6592 6492 Error On Residential Property Gains With Foreign Tax Credits
Resolution

This is NOT a defect in the software.

The amount of foreign tax credit claimed has to be restricted to the lower of foreign tax paid or the UK equivalent PER asset.

Please note: IRIS allocates the Annual Exemption Allowance between ALL properties to create a higher tax due amount on the residential property, therefore enabling to fully utilise the Foreign Tax credit. The IRIS calculation uses the AEA in the most beneficial way, however HMRC server does not recognise this calculation.

As HMRC’s server is not agreeing with the IRIS calculation you will not be able to file online and HMRC are incorrect in this instance. So therefore, the Self-Assessment return will need to be filed by paper/post. When submitting the return by paper, please click on the link below and fill out this form as well.

Thank you for your feedback.

Was this useful?