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Personal Tax: Underpayment OR Overpayment of Capital Gains Tax - How?

Article ID
personal-tax-underpayment-or-overpayment-of-capital-gains-tax-how
Article Name
Personal Tax: Underpayment OR Overpayment of Capital Gains Tax - How?
Created Date
21st July 2021
Product
Problem
IRIS Personal Tax- Where an overpayment of CGT has arisen as a result of the disposal of a property, this is not being refunded via the Self Assessment tax calculation on computation or tax return. Or the opposite you expected a underpayment to show but not listed anywhere.
Resolution

The tax on gains already charged will only reduce any gain to nil, it will not generate an ‘overpayment or repayment’, and this is in accordance with the Tax Calculation as provided by HMRC, rather than a restriction added in the IRIS PT software.

In the event capital gains tax has been paid which results in a repayment or a underpayment, this would need to be claimed directly with the HMRC and cannot be included in a SA100 tax return. You can add a note under Reliefs/ Misc / Additional info / SA100.

You can also contact HMRC support and ask to speak to a senior member of staff as they have more knowledge of this subject.

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