Personal Tax- How to claim relief on the disposal of an asset within capital assets?

ias-5138

Personal Tax- How to claim relief on the disposal of an asset within capital assets?

7th December 2007

IRIS Personal Tax

IRIS Personal Tax- How to claim relief on the disposal of an asset within capital assets?

1. Log on to IRIS Personal Tax and select the client and period

2. From the Edit menu select Capital Assets

3. Highlight the asset section on the left hand side, then highlight the asset on the right hand side and click the dispose button.

4. If the disposal details have not been entered then enter the disposal date, disposal value, and any incidental costs or residual market value if there is any.

5. If the disposal details have already been entered then highlight the asset at the top of the screen and highlight the disposal in the middle of the screen.

6. Then tick the box relief’s, enter the type of relief and the amount of relief you wish to claim (IRIS does not calculate the amount of relief to claim), then click update if the disposal was already entered or add and close if this is the first time you have entered the disposal. Note: If you have more than one relief, select type zero under type of relief, and in info. enter the two types e.g PRR and lettings, and then enter the combined amount of relief to claim.