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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. It does not apply to asset types whose distributions are unambiguous or that do not have distributions, such as currencies, UK gilts, and UK REITs.

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.

Non-Reporting Offshore Fund

This type represents a non-reporting offshore fund as explained in HMRC Helpsheet. The system treats any gains arising to non-reporting offshore funds as offshore income gains and adds any losses to capital gains.

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.

UK Gilt

The type represents UK gilts as described in CG54900. Disposal are not subject to capital gains tax. It has one extra field:

  • Expiry date: The maturity date of the gilt.

UK REIT

This type represents shares in a UK Real Estate Investment Trust (REIT), as described in the SAIM5300. They are treated like ordinary shares for capital gains tax purposes, but they can pay two kinds of distribution: ordinary dividends (treated like any other UK company dividend) and Property Income Distributions (PIDs), which are taxed as UK property income rather than as dividends and are reported separately. See the Property Income Distribution transaction type for more detail.

UK REITs are, by definition, UK assets, so the tax country is always the UK and a default distribution type does not apply.

Also see scope and limitations, if you held a UK REIT before April 6, 2019 and had any non-residency periods.

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.

Future

The future type represents a future that is subject to the tax treatment summarised in CG56000P and TCGA92/S143. Support for futures is limited to futures that are opened and closed by trades only. Cash or underlying settlement is currently unsupported.

Futures are opened and closed using the standard trade types, but unlike all other trades, the consideration represents the contract value, which will then be used to calculate the payment made or received.

It has a additional fields similar to that of an option:

  • Underlying Asset: The underlying asset of the future. It can be left empty unless required by a transaction.
  • Expiry date: The expiry date of the future, used to check integrity of 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.