Trust Tax- How to change/enter the Capital Gains Annual Exemption
Article ID
ias-1471
Article Name
Trust Tax- How to change/enter the Capital Gains Annual Exemption
Created Date
11th May 2004
Product
IRIS Trust Tax
Problem
IRIS Trust tax- How to change or enter the Capital Gains Annual Exemption?
Resolution
1. Log on to Trust Tax and select the trust.
2. From the Edit menu select Capital Assets.
3. From the Edit menu located to the left of the screen, select Losses and Other Information.
4. There is a box saying Number Trusts made later than 6 June 1978 still existent – put the amount of trusts in the box and the Annual Exemption will automatically be apportioned. If the Annual Exemption box is greyed out, then tick the override and enter the amount you want.
5. If you require the annual exemption to be apportioned for the settlor then there is a box in the screen saying Number Trusts qualifying for relief’s made by the same settlor after 9th March 1981 and you will need to put the figure in this box and the software will automatically apportion the Annual Exemption.
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