Topic results Interest

CCH Personal Tax
Residential Property and Carried Interest
This document discusses the identification and reporting of residential property and carried interest under the Non-Resident Capital Gains Tax (NRCGT) regulations. It outlines how to enter disposal details, specifically for residential property, and highlights the payment options for capital gains taxation—either through a Real Time Transaction return or annually as part of the Self-Assessment process. Additionally, it includes guidance on adding carried interest and the required details for UK property disposal transactions. Images included illustrate the associated data entry process.
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CCH Personal Tax
National Savings Interest
This document provides a step-by-step guide on how to add National Savings interest to a tax return. Users are instructed to access the relevant data screen, select the account type, and input the account name or number. Additional optional steps include indicating if the account is shared and entering the shared amount. Finally, users must input the interest received and complete other necessary fields such as account name, date opened, and an optional date closed.
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CCH Personal Tax
Interest from UK Unit Trusts
This document provides instructions for entering dividend and tax credit details in the "Interest from UK Unit Trust" tab. It specifies that information should be included for various sources, including companies, UK unit trusts, OEICs, government stocks, other loan stocks, and loans to companies. Notably, it mentions that amounts under equalisation do not require reporting as they are not taxable.
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CCH Personal Tax
Interest Paid on Qualifying Loans
The document provides guidance on how to enter interest paid on qualifying loans, emphasizing that interest on loans for purchasing rental properties or the main home should not be included. Instructions are provided on how to access the relevant section and input details such as the loan type, purpose, and amount of interest paid, with an option to complete additional account fields or save the information. Refer to Help Sheet HS340 for more details.
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CCH Personal Tax
Interest from UK Banks
This document provides a step-by-step guide on how to add bank interest in the UK tax system. It includes instructions for entering lender information, handling joint accounts, and recording the interest received. It also offers optional fields for additional account details. For tax years 2016 and earlier, users can report either net or gross interest and indicates how to indicate if the interest is paid gross. The total interest and tax details are summarized at the bottom of the relevant section.
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CCH Personal Tax
Interest from UK Banks etc
This document provides a step-by-step guide on how to input interest from UK banks into a financial system, specifically focusing on the Lloyds Interest section. It details the process of selecting fund types, entering lender names, and recording interest amounts. It also includes optional fields for account details and tax-related information. New lender contacts created during this process are restricted to the selected client and year unless rolled forward for the next tax year. Finally, it mentions that interest and tax data will be summarized at the bottom of the tab.
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CCH Personal Tax
Interest
The document outlines different categories of income relevant for tax return data entry in the UK. It includes sections for "Other Income," detailing types such as freelance work and rental income; "Interest from UK Banks," for interest received from banks; "National Savings Interest," which encompasses various savings accounts; and "Interest from UK Unit Trusts," focusing on dividends and tax credits from unit trusts. Each section provides guidelines on types of income to report.
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CCH Personal Tax
Foreign Dividends Interest and Other Savings
The document outlines steps for adding details of foreign dividends, interest, and other savings income in the Lloyd's Foreign Dividends Interest and Other Savings Income section. It provides instructions for selecting relevant funds, entering details such as company names, income sources, descriptions, country of origin, purchase dates, and tax information. It also notes that imported data from CCH SecTAX cannot be edited and emphasizes the need to save changes.
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CCH Personal Tax
Carried interest & losses offset
The document discusses Carried Interest, a profit share for investment managers introduced in 2017 Tax returns, specifically for private equity and hedge funds, taxed at 28% under Capital Gains Tax (CGT). It highlights the process for entering Carried Interest gains in tax returns and the interaction with losses and annual exemptions. Changes to data entry fields and their implications are noted, including how losses can be allocated against Carried Interest gains. The document includes visual aids to clarify data entry schedules and allocation processes.
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