PTP TR - How to enter negligible value claim within PTP Tax Platform

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PTP TR - How to enter negligible value claim within PTP Tax Platform

20th July 2011

How to enter negligible value claim within PTP Tax Platform

Step one: entering the capital loss

• Log on to PTP Tax Platform and select the client

• Click the Client Tax Returns tab, select the relevant Tax Return then click the View Tax Return option

• Click the Fanned Pages icon within the Capital Gains Summary section

• Either click View to access the existing data or click Add to enter new data.

• Click the Access to details option to open the Capital Gains screen:

• Click Add

• Enter the asset description and select the type U-Unquoted shares. Enter the date of purchase and sale then enter the Cost and Proceeds.  Tick the box Unquoted loss against income.

• Click Save

Step two: setting the capital loss against other income

• Enter the amount of loss which can be offset against income within box 41 on page CG2 (box 42 on page CG2 can also be completed if it is required) 

• Select page 4 and enter a note within box 54 stating that the client’s shares became of negligible value and that this loss is therefore being offset against the other income which occurred in the tax year.