Personal Tax- Share/clone a jointly held Capital Asset?

ias-12026

Personal Tax- Share/clone a jointly held Capital Asset?

13th October 2015

IRIS Personal Tax

IRIS Personal Tax- The client and their partner hold an asset jointly; does the information have to be entered separately into each client's record? use CLONE tool.

The ‘Clone’ button within the Capital Assets data entry screens will allow the information entered into one record to be copied to another. Users are required to:

1. Log into Personal Tax and select the relevant client
2. From the Edit menu select Capital Assets
3. Click on the entry which is to be cloned then click in Edit
4. Click on the ‘Clone’ button. Click Yes to the prompt “Are you sure you want to clone this record?”
5. Click on the client the information is to be cloned to then click Select
6. Click Yes to the prompt ” You are cloning this record to [clientID]”

If this is a JOINTLY HELD asset and a % share filled in (eg 50%) then this share will also be cloned across to the partner with 50% as well, this works fine between 2 partners, but if you have 3+ partners then remember to manually edit the % share entry per client so they get the agreed share (eg 33/33/33% or 50/30/20 etc).

NOTE: Any Reliefs claimed (eg PPR) will be cloned at the full amount between the partners and will not be automatically shared by the %. So you need to manually edit the Relief amount per client.