Personal Tax- Period Reform 2024: Spread Transition profit treated as arising FPS16.1 and 3001 8625 FPS16.1
Article ID
personal-tax-period-reform-2024-spread-transition-profit-treated-as-arising-fps16-1-and-3001-8625-fps16-1
Article Name
Personal Tax- Period Reform 2024: Spread Transition profit treated as arising FPS16.1 and 3001 8625 FPS16.1
Created Date
26th September 2024
Product
Problem
IRIS Personal Tax- Period Reform 2024: Spread Transition profit treated as arising FPS16.1 and 3001 8625 FPS16.1
Resolution
- Load Client in PT and the 2024 year (this normally affects the 2024 year)
- Check all trades and ensure they have the next 2025 period entered as well. eg you may have only a 05/0/2024 period entry, so enter a 05/04/2025 period as if your getting ready for the next year
- Regenerate and submit
- If you get the same errors, go to all the trades and check the Transitional Period summary screen: Has the ‘Step 5 apportioned transition profit’ been overridden , eg you want to tax all of it in the 2024 year or changed the value?
- If yes – remove the override tick to all the trades, then regenerate the SA100 again , if no errors then dont submit so go back to all the trades and go to the Transitional Period summary screen: go to the ‘Step 5 apportioned transition profit’ and tick override and type in the value you want to be taxed on. Regenerate the SA100 again.
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