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CGT exemption not applied automatically to estates in administration

Article ID
ias-10136
Article Name
CGT exemption not applied automatically to estates in administration
Created Date
12th October 2011
Product
IRIS Trust Tax
Problem
The trust type is set to estate in administration and there are capital gains in the year but IRIS is not automatically giving an annual exemption
Resolution
The annual exemption is only available for the first 2 years after the date of death, to enter the date of death users are required to: 1. Log on to IRIS Trust Tax and select the client 2. Click Trusts then select Estates in Administration, enter the individuals details then click OK If the trust qualifies for an annual exemption beyond the 2 year period users are required to override the annual exemption as follows: 1. Log on to IRIS Trust Tax and select the client 2. From the Edit menu select Capital Assets 3. From the Edit menu located to the left of the screen, select Losses and Other Information 4. Enable the option to override the annual exempt amount, enter the required exemption then click OK

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