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Multiple gains |
See Also
Assets held on 31/03/82 | Chargeable gains summary | Connected party disposals | Notional transfer disposals
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule should be used where the company has disposed of many assets in the period to facilitate having to produce a separate chargeable gains schedule for each asset. The total gain or loss arising on the disposal of the assets entered in the Multiple gains schedule is transferred to the Chargeable gains summary schedule.
For each asset this schedule also allows the user to specify any period of non trade use (see below).
This schedule may be developed from the Capital gains summary, the Connected party disposals schedule or the Notional transfer disposals schedule.
For each asset, the data entry cells should be completed with the relevant information described on the Assets held on 31 March 1982 schedule. The total of any incidental selling expenses should be entered in the Disposal expenses cell.
To the far right of the schedule there is a Percentage of trade use cell set by default to 100%. Where proceeds are reinvested in a roll-over relief claim and the disposed asset has had a period of non-business use, relief is only given on the business element of the asset. The software will adjust the taxable gain or loss arising accordingly based on the use of the asset in the trade.
This schedule has no standard supporting schedules.
This schedule does not carry forward.
Error | How to
solve it |
| Proceeds reinvested cannot exceed total proceeds | Proceeds from the sale of an asset that are reinvested in a new asset qualify for rollover relief and defer the chargeable gain on the asset. The figure that is reinvested cannot exceed the proceeds from the sale of the asset. |
| Can only rollover gains remove reinvestment figure | The gain on the sale of an asset may be reinvested in the cost of the new asset, thus deferring the gain. Any reinvestment made must be entered as a positive number. |
| Enter reinvestment as a positive number on this schedule | The gain on the sale of an asset may be reinvested in the cost of the new asset, thus deferring the gain. Any reinvestment made must be entered as a positive number. |
© 2009 Thomson Reuters.