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Notional transfer disposals |
See Also
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
Notional intra-group transfers were introduced by Finance Act 2000 in relation to disposals after 31 March 2000. The FY2001 schedules include the new schedule, Notional transfer disposals to deal with tracking assets, which are notionally being transferred in under TCGA 1992 s 171A.
Note: The software does not contain specific functionality to deal with no gain/no loss transfers within a group under TCGA 1992 s 171 as there is no calculation required.
This is developed from the main E schedule and is used to support the total gains or losses on notional transfers in.
The normal gain calculation schedules can be developed to show the calculation of the gain or loss on the assets which have been notionally transferred in on an asset by asset basis.
From the Notional transfer disposals schedule the user is able to develop the same standard or non standard supporting schedules, listed in full on the Chargeable gains summary schedule, for other sales to the connected party in the period. This excludes the Other series of chargeable gains schedules.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation.
Error | How to
solve it |
| 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. |
| 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. |
| Capital losses c/f are positive | This error
results from the sign conventions used within the software.
This error can be resolved by clicking the
|
| Capital losses b/f are positive | This error
results from the sign conventions used within the software.
This error can be resolved by clicking the
|
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