IHTM31134 - Making amendments: IOP assets and liabilities

Once you have selected ( IHTM31131) the IOP ( IHTM31012) records, the IOP asset window will open with a list of six classes of property.

• Click on the appropriate category button to access the individual asset records list.
• You can amend, delete and add records as you would for NIOP assets ( IHTM31132).
• You will however have to name new records individually. Decide how to name the property as suits you. For instance, a freehold property could be included as “22 Petunia Crescent”, “Deceased’s residence” or “IHT405 item 1”.

Add a separate record for each asset as you may need to assess outstanding instalments separately from the remaining IOP at a later stage.

Shortcut

From the case outline window (accessed by the branch-diagram icon), double click on the asset you want to change. This will bring you straight to the update screen for that asset. Make the changes and press OK to take you back to the case outline screen.

Instalments no longer available

If the property is sold, or instalments are no longer required for any other reason, amend the type classification from IOP to NIOP on the check box at the individual case record.

• COMPASS automatically includes a date of sale as the date you change the classification, but you can amend it if required.
• You must include the correct date of sale in IOP(WIR) cases (because interest relief ceases from the date of sale).
• To re-set the asset as IOP, highlight and delete the date of sale.

All liabilities are set against individual assets rather than the IOP group. This makes it easier for COMPASS to apportion the tax charge when there is property for which the instalment option applies and for which it doesn’t.

• After you have highlighted the appropriate asset record, access its liabilities through the “Creditors” button.
• Amend, delete or add creditors as usual, including the indicator whether the liability relates to a mortgage or other creditor.
• Mark the amendment as compliant ( IHTM29012) if appropriate.