The screens for entry of capital gains can be found from the data input tab within a tax return. Select ‘+ Add a new section…’, a new window opens. The Capital Gains section allows you to enter details of chargeable gains and losses for the tax year.

You may choose to enter summaries of all the capital gains information which needs to be reported on the Tax Return, or you can enter individual disposals and allow Taxfiler to calculate and summarise the gains and losses.

  • Use the Disposals tab to add, edit and delete disposal transactions in the year.
  • The Foreign tax tab
  • The Non-resident tab
  • Other events

Summary of disposals

This tab will display the summarised Capital Gains information that will appear on the Tax Return. If you have not entered any disposals in the disposals tab then all the summary fields will be editable.

Losses brought forward

  • Loss brought forward from 1996-97 and later years’
  • Loss brought forward from 1995-96 and earlier years’

Allocate losses against gains

  • ‘Net gains in [year]’
  • ‘Income losses set against gains’
  • ‘Post 1996-97 losses used against gains’
  • ‘Pre 1996-97 losses used against gains’
  • ‘Gains after losses’

Calculation

  • ‘Is computation being attached to return?’
  • ‘Number of existing trusts made by same settlor’ Enter the number of trusts where the Annual exempt amount is to be apportioned for the same settlor.
  • ‘Annual exempt amount’ This amount will populate with the current years Annual exempt amount, it is an editable field and can be removed in those instances where it is no longer applicable i.e. estates that run over the two year limit See HMRC Guide
  • ‘Taxable gains for the year’ Taxfiler shows the gains after losses less the Annual exempt amount.
  • ‘Relief for vulnerable beneficiary’

Losses to carry forward

  • ‘Post 1996-97 loss to carry forward’
  • ‘Pre 1996-97 loss to carry forward’

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the tax return.

Disposals

Within the disposals tab you will need to click on ‘+Add disposal’ to open a new window for each disposal in the tax year. To edit a disposal, click on its description, displayed in blue, to delete a disposal click on its description to edit it and the click on ‘Delete disposal’ button

  • Chargeable Disposal
    • Brief description of asset’ enter a brief description of the asset being disposed
    • Type of asset’ choose the type of asset from the drop-down list
      • Residential property
      • Other land and property
      • Carried interest
      • Listed shares and securities
      • Unlisted shares and securities
      • Other assets
    • Date of disposal’ enter the date of disposal, which should be within the current tax year
  • Costs etc
    • Date acquired’ enter the date that the asset was acquired
    • Cost’ enter the original acquisition cost. If not known, you may need to provide a market value estimate. Refer to HMRC for additional guidance
  • Acquisition & enhancement costs and allowable expenditure

You can enter any number of lines of acquisition cost and enhancement expenditure.

  • Description’ enter a brief description of the cost or allowable expenditure.
  • Amount’ enter the amount
  • Reliefs claimed

You may enter any number of reliefs

  • Description’ enter a brief description of the relief
  • Amount claimed’ enter the amount of relief claimed
  • Calculated Gain/(Loss)
    • Calculated gain/(loss)’ this field will show the calculated gain or loss
    • Override the calculated gain?’ tick this box if you wish to override the gain calculated by Taxfiler
  • Details
    • Address of property’ (only applicable when disposing of property) select ‘change address’ to choose the property address, refer to ‘change address’ support notes for further information
    • ‘Estimate or valuation used?’ tick the box if an estimate or valuation was used
    • ‘CG34 submitted?’ tick the box if a valuation was used and a CG34 has been submitted to HMRC. Note that Taxfiler does not produce a CG34.
    • Details of connected person’ If the disposal was to a connected person, enter their name
    • Foreign tax (for tax credit relief)’
  • Full description of asset
  • Details of estimate or valuation (if CG34 not submitted)

Foreign tax credit relief

Taxfiler will not calculate the foreign tax credit relief on gains. Please enter manually

  • ‘Gains on which foreign tax paid’
  • ‘Total foreign tax’
  • ‘Foreign tax credit relief’

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the tax return.

Non-resident Capital Gains Tax Return

  • ‘Submitted a Non-resident Capital Gains Tax return for disposal of property?’
  • ‘Total taxable gains or losses from Non-resident Capital Gains’
  • ‘Non-resident Capital Gains Tax already charged’

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the tax return.

Other events in the year

Select ‘+ Add event’ a new window will open where you can choose the type of event to add

  • Death of person holding interest in possession in property
  • Person becoming absolutely entitled to property
  • Trustees ceased being UK resident, or become dual resident

Death of person holding interest in possession in property

  • Name of life tenant, life renter etc
  • Address‘ select ‘change address’ to enter or change the address, see entering addresses for further information.
  • Date of death’

Person becoming absolutely entitled to property

  • ‘Name of beneficiary’
  • Address‘ select ‘change address’ to enter or change the address, see entering addresses for further information.
  • ‘Date became absolutely entitled’
  • ‘Nature of asset’
  • ‘Value of asset vesting’
  • ‘Amount of loss transferred to beneficiary’

Trustees ceased being UK resident, or became dual resident

  • ‘Description of assets held’
  • ‘Date of change’
  • ‘Amount of chargeable gains’