Partial main residence exemption
We understand that a capital gain in relation to a property sold that is qualified for partial main residence exemption cannot be split in Xero Tax.
The workaround is to adjust the Capital proceeds or the Cost base amount in the Total Costs table grid to achieve the correct taxable net capital gain that should be reported at 18 A.
We suggest that a pro-rating (using number of days) be incorporated in your next software update to make it clear to the client as to how the assessable capital gain was calculated.
Hi community, thanks for raising this one.
Whilst we do not have any current plans to calculate the main residence relief, the exemption can be entered under the "Reliefs" section of the disposal.
Here you can enter the relivable amount as either "Private residence relief with letting relief" or "Private residence relief without letting relief applies".