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Chargeable gains summary
Select from the following headings:
Background | Developing the
schedule | Completing the Schedule | Standard
Sub-Schedules | Carry Forward | Related
Errors
The roll-over relief schedule is used to track assets which have had gains
rolled into them. The schedule calculates the reduced base cost of the new asset,
together with its remaining cost capacity, i.e. the remainder of the cost of
the new asset into which further gains may be rolled. These amounts are carried
forward to subsequent periods.
Gains from non-standard schedules should be tied in to the Chargeable gains summary schedule as well as to the Roll-over relief schedule.
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The roll-over relief schedule is developed from the Chargeable
gains summary schedule.
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Some of the cells are described in more detail as follows:
Asset/Date/Additions
The roll-over relief schedule requires entries for the description, date of
acquisition and cost of new assets.
Gains (rolled over)/Proceeds (rolled over)
The user allocates any rolled-over gains and the reinvested proceeds against
the assets listed on the schedule.
Any proceeds reinvested should also be entered on the Chargeable gains summary schedule on the relevant row. The summary schedule calculates
the rolled-over gain and sets it against the chargeable gain on the appropriate
chargeable gains disposal schedules. The totals for the rolled-over gains and proceeds
reinvested on the summary schedule are cross checked to the totals on the Roll-over
relief schedule and an error generated if the amounts do not balance.
Cost capacity b/f/Disposal proceeds
On a subsequent disposal of the new asset, the user must enter the remaining
base cost and cost capacity of the asset in the two disposal columns on the
Roll-over relief schedule. This prevents further gains being mistakenly
rolled against the asset. The user should also tie the reduced base cost to
the relevant disposal schedule.
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This schedule has no standard supporting schedules.
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On carry forward, this schedule is automatically developed in the subsequent
computation if it is present in the prior year computation. The figures for
base cost and cost capacity carried forward will be automatically entered as
brought forward figures in the subsequent computation.
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Error | How to
solve it |
| Enter proceeds
reinvested as a negative number | This error results
from the sign conventions used within the software. This error can be
resolved by clicking the  button.
|
| Cannot
have negative c/f figure check proceeds and/or gain figures. | Rollover relief involves
a gain on the sale of a qualifying asset being deferred by reinvesting
the proceeds from the sale of the original asset into a new asset. This
error results from either the gains rolled over figure or the proceeds
rolled over figure, exceeding the additions figure on this schedule of
the software, resulting in a negative c/f figure. Any figures to be carried
forward within the software need to be positive. |
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© 2009 Thomson Reuters.