IHTM31133 - Assessing: COMPASS: making amendments: new instalment option property (IOP) records

If one has not already been prepared, you can add a new IOP (IHTM31012) or instalment option property with interest relief (IOP(W)) assessment group from the 바카라 사이트˜Estate Details바카라 사이트™ window.

Select the 바카라 사이트˜Add바카라 사이트™ button in the assessment group options box and then select whether you require an IOP or IOP(W) group.

You can have more than one IOP or IOP(W) assessment group (but not NIOP) at each Entry. A second assessment group will be indentified on calculations by its separate number.

Example

Ahmed바카라 사이트™s free estate contains

  • personal assets of £125,000,
  • freehold property of £175,000
  • a half share in freehold property passing by survivorship at £100,000

As the tax on the joint property is payable by the receiving joint owner, and not by the executor, you have been asked to prepare separate calculations. You will assess

  • Entry A NIOP 1 (personal assets)
  • Entry A IOP 1 (freehold property passing under the Will)
  • Entry A IOP 2 (freehold property passing by survivorship)

The first calculation for IOP 1 will be numbered IOP 1/1, the next IOP1/2, the next IOP 1/3.

The first calculation for IOP 2 will be numbered IOP 2/1, the next IOP 2/2, the next IOP 2/3.