On the right hand side of the assessment window is a box in
which you can enter reliefs against tax, such as Double Taxation
Relief (
IHTM27181). On instalment option
assessments the box is marked “less reliefs” on the
left hand side of the assessment. Do not include QSR (
IHTM31182) here – it must be
properly reflected earlier at the appropriate place on the
“Calculation of Inheritance Tax” window.
If a figure was entered on the previous assessment for the
assessment group (
IHTM31012), the figure will be carried
into this assessment. If it has changed, delete what is there and
type in the new amount.
Remember that DTR should not exceed the IHT on the particular
asset. If the figure in this box is greater than the net tax on the
Assessment Group, the assessment will – wrongly – show
a repayment.
Lifetime assessments
COMPASS will automatically calculate taper relief (
IHTM14611) on lifetime transfers that
are chargeable in their own right, using the date of the transfer
that you input at the data entry stage.
If the date is wrong, the taper relief will be wrong. Where
taper relief is shown, or you expect it to be shown, check it for
accuracy.
