Self Assessment: 2005-2006 Tax Return guidance : corrections

Contents

We have found a few errors in parts of the 2005-2006 Tax Return guidance, some are more important than others. This note gives the detail and tells you what we should have printed.

Corrections are shown on the relevant Portable Document Format (PDF) versions of the pages available on the Self Assessment Internet.

Not all of these corrections will affect your Tax Return. But if you are using paper versions of the material mentioned below, please make the necessary amendments.

Capital Gains

Notes on Capital Gains (SA108 Notes)
There are two errors on page CGN18 Section 6 - Taper Relief.

The percentage rates that are shaded in the 'Gains on non-business assets' table should be 9 and 10 years or more. (update 27/4/06)

In the text under the table it should read '...it will only be possible to accumulate eight whole years for non business assets if the asset qualifies for the additional (bonus) year...' (update 27/4/06)

Helpsheets

Helpsheet IR238 - Revenue Recognition In Service Contracts - UITF40.

  • The URL for further guidance on the HMRC Website should read www.hmrc.gov.uk/sa/adinfhelp.htm
  • The UITF 40 text can now be found on the Financial Reporting Council (FRC) website www.frc.org.uk/asb/uitf (Update 04/08/06)

Helpsheet IR279 - Example 11 - Asset used only part of the time as a business asset
The apportionments should be 50% each and the computation has been changed to an aggregated chargeable gain of £9,500. (update 27/4/06).

Helpsheet IR284 - Additional notes have been added (and highlighted) to page 2 of this Helpsheet following Royal assent on FB06 - Clause 74.

Notes on Foreign (SA106Notes)

Page FN3 - Example 3, Special Withholding Tax (Column D) should be £150

Trust and Estate Tax Calculation Guide (SA951)

There is an error on page 7. The calculation above box T3.39 should read ‘T3.36 x 100/78’.

Trust and Estate Tax Return Guide (SA950)

Notes on page 11, under the heading 'Vulnerable Beneficiaries' reference is made to www.hmrc.gov.uk/trusts/vb-guidance. The correct URL address should be www.hmrc.gov.uk/trusts/vb-guidance.htm. (Updated 2/6/06).

Notes on Self Employment (SA103 Notes)

There are two errors in the Glossary on page SEN12.

Turnover, 2nd paragraph, 3rd sentence should read, This will include goods you had delivered by the accounting date , even if you had not issued a bill by then.

Work-in-progress, should read, Partially manufactured stock you have on hand.

Tax Calculation Guide (SA151W)

  • There is an error on page 7 - Box w66 should read "from box w33". Box w68 should read "lower of w33 or w34". (update 28/04/06)
  • There are 4 errors relating to the same point on page 10
    1) The whole of the second bullet in the second section headed 'box w88 and box 18.5 on your Tax Return' should be deleted
    2) In the next paragraph the text 'or pension payments' should be deleted
    3) In the next paragraph the text 'or pension payments' should be deleted
    4) In the third section headed 'box w89 and box 18.8 on your Tax Return' the text 'or pension payment' should be deleted. (update 20/7/06)