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Personal Tax: Clogged Losses and connected persons

Article ID
personal-tax-clogged-losses-and-connected-persons
Article Name
Personal Tax: Clogged Losses and connected persons
Created Date
31st December 2021
Product
Problem
IRIS Personal Tax: Clogged Losses and connected persons - how to work with them?
Resolution

Unfortunately, IRIS Personal Tax is not currently designed to deal with losses to connected parties automatically; This implementation of this advanced feature is currently with our software development team for a future enhancement.

Currently the ‘connected persons’ box is for your information purposes only – it does not affect the calculation and nor does it affect the tax return since HMRC have not catered for a connected persons box.

Therefore, you would need to delete the loss from the software to ensure it does not offset against any capital gains in the year.

A note can be made in box 37 of page CG 2 to declare the loss amount to HMRC but however explaining why it cannot be utilised. This note is made by going into Dividends | Capital Assets | Edit | Losses and Other Information | Tick Additional Information

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