Personal Tax: Disposal of Property Capital gain(60 Days) and Tax already paid

Article ID

personal-tax-disposal-of-property-capital-gain60-days

Article Name

Personal Tax: Disposal of Property Capital gain(60 Days) and Tax already paid

Created Date

22nd March 2022

Product

Problem

IRIS Personal Tax: Disposal of Property Capital gain- 60 days of selling the property if the completion date was on or after 27 October 2021

Resolution

IRIS PT does not deal with the new CGT reporting system (60 days of selling the property if the completion date was on or after 27 October 2021). You have to report this on the HMRC website: 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 60 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/