SAM106071 - Records: bankruptcy: final year of bankruptcy / sequestration (Action Guide)
When dealing with an in-year request from a trustee to finalise income and / or Capital Gains assessable on the trustee for the final year of bankruptcy (or sequestration in Scotland), follow steps 1 - 3 below.
For details of how to access any of the SA functions use the Navigation icon in the ‘Index of Functions’ available from the menu bar
| 1. | If an SA record is not already set up for the trustee |
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| | * Use function SET UP TRUST to create an SA record in the name of the person against whom the bankruptcy order or award of sequestration was made. On using the function |
| | * Select ‘Non-discretionary’ as the trust type |
| | And, finally |
| | * Select the [Add Trustee] button to access the function SET UP CAPACITY DETAILS |
| | * Use function SET UP CAPACITY DETAILS to enter details of the trustee in the capacity name and address fields. On using the function select from the drop down menu on the first part of the Capacity Role field |
| | * The appropriate capacity |
| | Or, if the appropriate capacity is not shown in the drop down menu |
| | * ’Other’ and then enter the capacity in the second part of the Capacity Role field abbreviating it, if necessary. For example, if there is a trustee in sequestration acting, enter ‘Permanent Trustee’ |
| 2. | If you accept a statement of income and / or computation of Capital Gains |
| | * Use function AMEND TAXPAYER SIGNALS to enter the end of the final year in the Last SA Return Required For Year Ending 5th April field. For example, if the final year is 2007/08, enter ‘08’
Note: This will avoid payments on account being set up for the following year when you enter the charge on the record |
| | * Use function CREATE RETURN CHARGE to enter the charge |
| 3. | If you are issuing an in-year return |
| | * Follow the instructions in the subject ‘Permanent Cessation: Period of Administration’ (SAM90031) |