Personal Tax- Capital Tax on gain already charged value is Rounded up and triggers a refund
Article ID
personal-tax-capital-tax-on-gain-already-charged-value-is-rounded-up-and-triggers-a-refund
Article Name
Personal Tax- Capital Tax on gain already charged value is Rounded up and triggers a refund
Created Date
16th August 2022
Product
Problem
IRIS Personal Tax- Capital Tax on gain already charged value is Rounded up and triggers a incorrect refund
Resolution
IRIS PT is following HMRC rounding rules where the Tax charged is always rounded up to the £. For example the Capital Tax on gain already charged value is £100.51. When you run the Capital Gain computation it shows instead as £101. This may create a incorrect capital refund if the capital tax calc is a similar value.
If you don’t want to trigger a capital refund:
Open the Disposal and edit the value of Tax on gain already charged so it doesn’t do the rounding (by manually rounding it up or down) – then go to Edit, Losses and Other information and tick Additional information and state the correct tax charged value here.
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