IHTM29071 - Yield: PC&S – what should be recorded as yield?

Voluntary amendments

If you work in PC&S, doing account amendment work ( IHTM08012), you should not record any amendments that are volunteered by the customer without prompting as adjustments to yield.

(This text has been withheld because of exemptions in the Freedom of Information Act 2000)

(This text has been withheld because of exemptions in the Freedom of Information Act 2000)

Amendments as a result of our work

You should record adjustments to yield and any interest yield where

• You discover additional assets, amendments and changes in value as a result of queries you have raised with the customer.
• The amount of tax changes because you have disallowed or limited an exemption or relief.
• The value of the chargeable estate is increased because of grossing or interaction additions that the customer had not calculated (or had calculated incorrectly) before delivering the account. But, adjustments that need to be made because of simple arithmetical errors in the account should not be recorded as yield
• You ‘save tax’ by denying a relief/exemption/deduction that the customer has claimed after the account was delivered. You should record the value of the denied reduction to the estate, even though the tax position may not have changed since the account was delivered. You should also record any interest that would have been repaid on the tax saved as interest yield.
• The original values have changed as a result of a referral to valuation specialists such as the District Valuer or SAV.

Late Accounts

From time to time you may receive a case that has been submitted late, where we have prompted the submission through intervention work (usually done by the Risk and Intelligence Team). The case will be clearly marked ‘100% yield case’. All the tax and interest paid on the account should be recorded as yield or interest yield in the same way as for late account cases ( IHTM29073).