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Personal Tax- Jointly held Property is not transferring to partner

Article ID

ias-12585

Article Name

Personal Tax- Jointly held Property is not transferring to partner

Created Date

3rd October 2017

Product

IRIS Personal Tax

Problem

IRIS Personal Tax- Jointly held Property income is not appearing on one of the partners returns for UK and Foreign

Resolution

This fix applies to two partners. If you have three or more partners then you need to apply steps 5, 8 and 10 to each partner

If you have MULTIPLE properties which have shared income etc then first need to ID which property(s) data is missing and run the steps below

This is used for UK Property and Foreign property.

1.Go to the main partners accounts (the main one we shall name ‘partner1’ who’s still showing the income) and select the correct year.

2. Go to the persons UK property screen and click on the property

3. Click the Joint income magnifying glass

4. You should see both people listed at their current % rates

5. Change the % figures  so its 100% for the partner1 and 0% for partner2. Then delete the partner2  from that list. Click OK

6. Untick the box: Property let jointly. Click OK

7. Run a tax computation for partner1 – check he’s getting the 100% of the income

8. Go back to the property- re-tick Property let jointly and  add back partner2 to the list and split it by their % rates.

9. Run a tax computation for the partner1 – check he’s getting the correct % of the income

10. Now open partner2 account and check if he is getting the correct % of the income now

If the steps do not work then a workaround is to break/delete the join (step 5 and 6), then load the affected client and enter the property manually and their share of income/expenses.

If UK/Foreign Expenses are missing from 1 or all partners: https://www.iris.co.uk/support/knowledgebase/kb/personal-tax-property-expenses-missing-from-schedules-of-data/

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