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REIT capital gains summary |
See Also
Assets acquired after 31/03/82 or rebased | Assignment of short lease | Grant of lease from non wasting interest | Grant of lease from wasting interest | Part disposal - assets acquired after 31/03/82 or rebased | REIT computation of profits - tax exempt business | REIT summary information | REIT tax exempt property business
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is a master schedule and automatically present when a REIT computation is created. It provides a summary of all the tax-exempt capital gains and losses occurring in the period.
A Loss memo is also included on this schedule, to track details of any capital losses brought forward and how they are utilised.
In REIT Investment or REIT Trading files, this schedule is developed when the
computation is created.
This schedule can also be developed from standard
CT Investment and Trading computations. From the A schedule Develop >
Other > REIT information.
This schedule is part of a group of
schedules relating to tax exempt property businesses.
Gains and losses can be entered directly onto the schedule in the data entry cells provided, and additional rows can be added or deleted where required by using either: -
If detailed computations are required for a disposal, then one of the options under the Develop menu should be selected. In addition to generating a detailed computation schedule, a row will be automatically inserted into this schedule, including the description and net gain/loss.
The overall gain/loss will be automatically linked into Computation of profits ? tax exempt business schedule.
For information on completing the detailed computation options under the Develop menu, please use the links provided under Standard sub-schedules below.
Standard schedules can be developed from this schedule to calculate the gains and losses on disposals, depending on the nature of the disposal: -
Assets acquired after 31/03/82 or rebased
Part disposal - assets held on 31/03/82
Assignment of short lease
Grant of lease from non wasting interest
Grant of lease from wasting interest
Non-standard schedules
For disposals of assets which do not conform to the standard pack of schedules, the user should develop a non-standard schedule for their own calculations, which will need to be manually referenced to this schedule.
On building a new period, the capital losses carried forward are automatically entered on the Loss memo as brought forward figures in the subsequent computation.
© 2009 Thomson Reuters.