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Assets

Assets represent the different assets that you hold across your accounts, including currencies. Each assets has a few fields that you need to fill in to allow the system to calculate tax.

Aliases

You can define aliases for assets, which are only used to match assets when importing transactions.

Fields

  • Type: the type of asset, described below. It is important to accurately classify your assets as the type can impact the tax treatment.
  • Name: the name of the asset used through the system for information purposes.
  • Symbol: the symbol of the asset, used for information and finding the asset on import.
  • ISIN: the ISIN of the asset used for information and finding the asset on import. There will be future uses for the ISIN so it's recommended to fill it in.
  • Tax Country: the domicile of the asset. Defines the withholding tax country for transactions that use the Default from asset tax country.
  • Default distribution type: The classification to use for distributions attributed to the asset when transactions are imported. It has no impact on transactions already in the system.

Asset Types

Currency

The cash currency of a country.

Stock

This type represents ordinary shares and is treated for capital gains tax as described in the Capital Gains Manual.

Reporting Offshore Fund

This type represents reporting offshore funds as explained in the HMRC Helpsheet and listed in the HMRC list of reporting funds. They are treated the same as ordinary shares for capital gains tax purposes, but they support excess reportable income (ERI), accumulation (notional interest and dividends), and equalisation.

It is important to note that the system is limited to supporting offshore reporting funds that are classified as reporting for the entire period of your ownership. You should not classify a fund that changed status, while you owned it, as a reporting fund.

UK Fund

This type represents UK funds that are treated like ordinary shares for capital gains tax purposes, but allows support for accumulation (notional interest and dividends) and equalisation.

Option

The option type represents an option that is subject to the tax treatment summarised in CG55536. It has three fields specific to it:

  • Option type: Put or a Call
  • Underlying Asset: The underlying asset of the option, required if exercised or assigned, but can be left blank otherwise. Where the underlying asset is a currency, the currency must be held as a debt, as otherwise the underlying trades will not be generated.
  • Expiry date: The expiry date of the option, used to check integrity of option transactions in the system.

Unknown

Unknown assets are for assets not yet supported by the system. Any transaction with an unknown asset in any field will be ignored for the purposes of tax calculations, as if it was not in the system.