Life module — Deemed disposals on CIS units
This sheet tracks units in a collective investment scheme (CIS) acquired in a no gain / loss transaction under section 211B(2) of the Taxation of Chargeable Gains Act 1992. It also calculates the tax adjustments required by section 213(4ZB) where the units are disposed of within 3 years.
Completing the sheets
If amounts entered on the
Deemed disposals
sheet include units in a collective investment scheme acquired under a section 211B transfer, the Deemed disposals on CIS units
sheet lets you do the following:- Track movements in the number of units.
- Calculate the adjustment arising in respect of units that are disposed of within 3 years following the end of the accounting period of acquisition.
To insert the sheet, select the row of the
Deemed disposals
sheet, then insert the Deemed disposals on CIS units
sheet. For each security, enter the following:- A unique description and the SEDOL number.
- The number of units being tracked
- The brought forward gross gain/loss deferred by virtue of section 211B(2).
- The brought forward potential clawback.
Enter the number of any units disposed of during the year. This will calculate the taxable gain or loss under section 213(4ZB) and the adjustment to the overall residue. Both of these will link to the
Deemed disposals
sheet. Once the time limit imposed by section 213(4ZB) has elapsed, you can delete the
Deemed disposals on CIS units
sheet.You can also import directly into the sheet.