This screen is accessed via the data input tab under capital gains within the tax return and is where you add and edit details of disposals in the tax year.
- To add details of a disposal: click ‘Add disposal’.
- To edit a disposal: click on its description.
- To delete a disposal: click on its description to edit it, then click ‘Delete disposal’.
Adding and editing disposals
After clicking ‘+ Add disposal‘ a new window will open which needs to be completed.
- ‘Brief description of asset‘ Enter a brief description of the asset being disposed.
- ‘Type of asset‘ Choose from the drop down list the type of asset being disposed:
- 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.
- ‘Proceeds‘ Enter the sale proceeds. If the sale is to a connected person you may need to enter the market value.
- ‘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.
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.
You may enter any number of reliefs claimed.
- ‘Description’ Enter a brief description of the relief (e.g. Personal Private Residence Relief)
- ‘Amount claimed’ Enter the amount of relief claimed.
- ‘Type of claim/relief‘ This field is only available for individual Tax Returns from 2015. Select the type of claim or relief from the drop-down list.
To delete a line from a grid, click the ‘trash can’ button at the end of the line.
- ‘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.
- ‘Net gain/(loss)’ If you have opted to override the calculated gain, enter the required figure.
- ‘Address of property’ This field is only shown when disposing of property. Click ‘Change address’ to choose the property address. Read more.
- ‘Qualifies for Entrepreneurs’ relief?’ Tick the box if the disposal qualifies for Entrepreneurs’ Relief. Current guidance from HMRC suggests that the Type of claim/ relief (above) should be set as ‘Other Assets’ when claiming entrepreneurs’ relief.
- ‘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 currently produce a CG34.
- ‘Details of connected person‘ If the disposal was to a connected person, enter their name.