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Personal Tax- Capital Gains and Property Time apportionment

Article ID

personal-tax-capital-gains-time-apportionment

Article Name

Personal Tax- Capital Gains and Property Time apportionment

Created Date

17th January 2024

Product

IRIS Personal Tax

Problem

IRIS Personal Tax- Capital Gains and UK/Foreign Property Time apportionment

Resolution

IRIS PT does not calculate time apportionment for Capital Assets or UK/Foreign Property.

If a Capital Asset: you will need to manually calculate the gain and add the asset within the Other Capital Gains section with the gain as calculated.

For Example (with these factors if relevant):
The calculation is:
(Disposal Proceeds – Incidental costs)
less
(Acquisition cost – Enhancement costs)
= Total gain multiplied by the time apportionment (number of days from 05/04/2015 to the disposal date/ number of of days from purchase date to the disposal date)
You can also add an additional note to HMRC. Capital Assets, Edit, Losses and Other info, Tick Additional information.

Further detail are available: https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss#time-apportionment

If UK/Foreign Property (client has a % of income over a period of time and normally shared with others): Remove the joint property and/or % share options and manually calculate the clients income and enter it in. You can also add an additional note to HMRC. Reliefs, Misc, Additional information, SA100.

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