IHTM31241 - Settlement cases: creating a record

You will need to ensure first that there is a settlement reference (IHTM31014) you can use to create the COMPASS record.

This instruction relates to Discretionary Trust charges. There are separate instructions for immediately chargeable transfers ( IHTM31235).

To create the new settlement case on COMPASS, use the Data Entry ( IHTM31102) program.

When the Data Entry window appears, click on Register & Enter Estate Details in the File menu. This will bring up the Case Details window.

In this window enter

• the settlement ALF ( IHTM03291) reference
• the stats type as “Stats case” (use the dropdown menu)
• the case type as “Settlement” (use the dropdown menu)
• the personal details of the settlor.
• in the Surname & DoS box, the date of the settlement after the surname, for example, Pettigrew 12/9/2000. This will appear at the top of your printed assessments.
• the date of the settlement. It is this date that COMPASS uses to calculate the dates of Ten Year Anniversary (TYA) charges.

In the historic value boxes, enter

• the historic value of property in related settlements
• the historic value of non-relevant property in this settlement

If you are not aware of the values, leave them blank to amend later.

Click the Next Screen button. At the next window (Case Details (cont)) change the Marital Status and Domicile if necessary and click the Continue button.

The Entry Window will display details for Entry B, which is for the historic value of the settlement. It will be shown as a TYA on the date the settlement was created.

• In the Account box, type 0 (zero). The reason is that this being the historic value, there will be no account ( IHTM10601) for it.
• Enter details of an agent or liable person, then
• click on the Tax Summary button.
• Confirm that you wish to save the estate details and whether the case should be a VIP case.
• Select your name from the list an the case will be allocated to you.

Leave the Data Entry program by clicking Exit in the File menu.

You can then amend the case details through the case working program.