Personal Tax: Disposal of Property Capital gain(30 Days) and how to enter Tax paid on it?

Article ID

personal-tax-disposal-of-property-capital-gain30-days-and-how-to-enter-tax-paid-on-it

Article Name

Personal Tax: Disposal of Property Capital gain(30 Days) and how to enter Tax paid on it?

Created Date

21st July 2021

Product

Problem

IRIS Personal Tax: How to show a disposal of Property Capital gain (within 30 Days) and how enter Tax paid on it?

Resolution

IRIS PT does not deal with the 30 day CGT reporting system. Our development team have been looking into this, but unfortunately due to the HMRC servers not being available for this it is not possible to file via Iris as of yet. Until we get confirmation HMRC finished their server setup then IRIS cant do this work via our software.

HMRC has a dedicated site: https://www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property

How to enter Tax paid on the 30 day CG disposal

a) Dividends / Capital assets
b) Open the asset
c) Click property on bottom right or the magnifying glass

Tick residential and set to ‘non-uk’ – this allows Real time transactions. (Fills in Boxes 11, 12)
Tick residential and set to ‘uk’ – this allows UK Property disposals transactions. (Fills in Boxes 9,10)

d) Go to the Disposals screen and select the relevant property disposal or create the disposal entry.
e) On the disposal section- the two options we mentioned above on step c) will open up. Enter the value and the reference number and update/save.

• Real time transactions will fill in box 21 and 22.

Note: The ‘Reference code’ currently only permits 14 digits – if you have a 15 digit code then remove 1 digit from it and put in the full code under- Capital Assets, Edit, Losses and other info, Tick Additional Information and enter here. This appears on the CG pages.

Expecting a Underpayment or Overpayment calculation on the comp/tax return but its missing – link here: https://www.iris.co.uk/support/knowledgebase/kb/personal-tax-underpayment-or-overpayment-of-capital-gains-tax-how/