Technical Release - 23 January 2002
Trust and estate capital gains tax return for the year ended 5 April 2001 Press Enquiries to:
Simon McKie Tel: 020 7600 1147
(Chairman, Capital Taxes Sub-Committee)
Bianca Marsden (Head of Technical Department) or Vivien Rees (Head of Communication) Tel: 020 7235 9381 (0900 – 1730)
The Chartered Institute of Taxation’s suggestion, that boxes 5.16B and 5.17C of the trust and estate capital gains tax return for the year ended 5 April 2001 serve no purpose, has been accepted by the Inland Revenue.
The Revenue quickly saw the Institute’s point that has arisen from the rewriting of section 71(2) TCGA 1992 by section 75 of the Finance Act 1999.
Since “realised” losses can no longer be transferred to beneficiaries the boxes are redundant. They should not be completed for 2000-2001 and will not appear on the 2001–2002 edition of the return.
Simon McKie, CIOT Capital Taxes Chairman, said:
“Complexity in our tax system is reflected by the number of boxes on return forms. We are glad to have pointed out that two at least are no longer necessary.”
020 7235 9381