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Scope and Limitations

The system is designed to support specific tax calculations and it's important that you understand the scope and limitations of the system.

The system aim is to support accurate tax reports from the 2019/2020 tax year onwards. Transactions from prior years are supported only for the purposes of calculating correct section 104 holdings for use from 2019/2020 onwards. Reports are available for prior years for reference purposes, but the gains and income for those years may not be correct. For example, taper relief is not supported by the system.

The system currently has some further limitations:

  • The system only supports calculations for individuals subject to income tax.
  • The system does not support clogged shares.
  • Calculations are only supported for dates from April 6, 1998
  • Offshore fund limitations:
    • Offshore funds are supported from December 1, 2009.
    • Funds that changed from reporting to non-reporting, or vice versa, are not supported
  • The system is in a beta testing phase and therefore the results may not be correct. In particular, the income calculations are in an early state of development.
  • The system does not account for the accrued income scheme small holdings exception. See SAIM4210.
  • The system generally validates that you own an asset when an interest or dividend payment arises from it, but this integrity check is not done for gilts.