Trust and estate capital gains tax return for the year ended 5 April 2001: point of practice by Liz Lathwood, Technical Officer (Personal and Capital Taxes)
The Capital Taxes Sub-Committee of the Chartered Institute of Taxation has pointed out to the Inland Revenue 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. The Capital Taxes Technical Group at Revenue Policy: Capital and Savings agrees.
The Revenue have confirmed that since June 1999, following the rewriting of section 71(2) TCGA 1992 by section 75 of the Finance Act 1999, “realised” losses can no longer be transferred to beneficiaries. The boxes, labelled respectively:
- “1996-97 and later years’ losses transferred to beneficiaries during the year” and,
· “1995-96 and earlier years’ losses transferred to beneficiaries during the year”
are redundant and will not appear on the 2001-2002 edition of the return.
Tax advisers should note that they should not have any entries in these boxes for 2000-2001.
This information has been provided for you by the Technical Department of the CIOT. Please address any queries to Bianca Marsden on tel 020 7235 9381.