Personal Tax: Property Capital gain is giving 18/28% showing instead of 10/20%? New 2024/25 18/24% rate?

personal-tax-property-capital-gain-is-giving-18-28-showing-instead-of-10-20

Personal Tax: Property Capital gain is giving 18/28% showing instead of 10/20%? New 2024/25 18/24% rate?

11th August 2022

IRIS Personal Tax

IRIS Personal Tax: Property Capital gain is giving 18/28% showing instead of 10/20%. New 2024/25 rates of 18/24%?

2024/2025 New HMRC 18/24% rates rather then the 18/28%. The IRIS Development team have confirmed that the new HMRC % rates is planned for release with the IRIS autumn 2024 release (date TBC). Why not release earlier?: We are dependent upon the HMRC calculation for 2025 to be sent to our Development team before we can apply the updated rate, therefore we cannot confirm the date.

1.Load the client in PT and select relevant year

2. Dividends, Capital assets, Assets, Open the asset, Then click on ‘Land and property’. If already selected, then click on the magnifying glass:

3. If you want the 18/28% calc then ‘tick’ the Residential property at the bottom.

4. If you want the 10/20% calc then ‘untick’ the Residential property at the bottom.

5. If you have already done one of the options above but it still calculates at the other %. Open the asset and reverse the tick/untick. Run the CG Comp next and then go back to asset and tick or untick it again and now run the CG Comp again.