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This article applies to:

  • Product: ONESOURCE Corporate Tax

Chargeable gains

This section is designed to analyse chargeable gains and losses. The sheets in the
Chargeable gains
 section are not automatically present in the calculation so you should first develop the
Chargeable gains summary
 sheet. The
Capital losses
 sheet is automatically inserted when the
Chargeable gains summary
 sheet is inserted.
After the
Chargeable gains summary
 sheet is developed, you will be able to develop the following sheets to further analyse the company’s gains and losses:
  • Chargeable disposal
  • Connected person
  • Connected person losses
  • Section 104 holding
  • Chargeable gains/losses transferred in (s171A)

Completing the sheets

You can import data for these sheets or enter the data manually.
Chargeable Gains Summary
This sheet summarises the information entered on the
Chargeable disposal
,
Connected person
,
Section 104 holding
, and
Section 171A transfers in
 sheets. It also calculates the net chargeable gain or loss for the period. Gains and losses can also be entered manually on this sheet if no analysis is required. The gross chargeable gains and allowable losses will then be added to the
Profits and gains computation
 sheet.
Capital Losses
Losses arising in the period are summarised from the data in the
Chargeable gains summary
 sheet. Current period losses and brought forward losses not offset in the period are carried forward to the next period. The sheet includes a section for losses that have arisen on disposals to a connected person from the
Connected person losses
 sheet. The
Pre-entry losses included
 section lets you keep track of any losses held by the company that arose before it was purchased.
Chargeable Disposal
On this sheet, provide detailed information relating to the disposal of an asset, including grants and assignments of leases. The gain or loss on the disposal (before and after any rollover or holdover relief and including the SSE exemption) will be taken to the
Chargeable gains summary
 sheet.
Connected Person
This sheet is similar to the main summary sheet, which brings through the overall gain or loss position on disposals made to the same connected person. The sheet brings disposal details from the
Chargeable disposal
 sheet where you select the gain as belonging to a connected person. The sheet also includes sections for connected party losses and pre-entry losses.
Connected Person Losses
This sheet summarises all the data regarding losses on disposals to connected persons from the
Connected person
 sheet.
Section 104 Holding
On this sheet, add rows to show movements in a section 104 holding in a single company for chargeable gains purposes. Any part or full disposal of a section 104 holding recorded on a
Chargeable disposal
 sheet is reflected by inserting a new row on the
Section 104 holding
 sheet. A new sheet will need to be developed for each section 104 holding.
If there is a disposal of shares which are subject to the matching rules of s105 or s107(3), and not s104, then neither the disposal nor the matched shares should be shown on the
Section 104 holding
 sheet. Instead, use the
Chargeable disposal
 sheet as a normal disposal and mark the
Disposal from a section 104 holding?
 checkbox as
No
.
Section 171A Transfers In
This sheet lets you record transfers into the company of chargeable gains and losses under Section 171A TCGA 1992 from other group companies.

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