I am doing the IT38 online form to file an inheritance. Part of the inheritance was in the form of a life product that had a 41% exit tax. My understanding is that this is declared gross on the IT38 and a credit for the exit tax paid is then taken. I can't figure out where this credit goes on the form. There is a section for CGT, which seems to be mainly related to Gift Tax but none for Exit Tax.
I am doing the IT38 online form to file an inheritance. Part of the inheritance was in the form of a life product that had a 41% exit tax. My understanding is that this is declared gross on the IT38 and a credit for the exit tax paid is then taken. I can't figure out where this credit goes on the form. There is a section for CGT, which seems to be mainly related to Gift Tax but none for Exit Tax.
When completing the Property section for Policy of Insurance, insert the gross amount as the market value of the property and then click Next. On the next screen, tick the box for the second question: Indicate if Capital Gains Tax credit applies to this property.
In the Credits Deductible tab, insert the exit tax amount into CGT Paid box.
When completing the Property section for Policy of Insurance, insert the gross amount as the market value of the property and then click Next. On the next screen, tick the box for the second question: Indicate if Capital Gains Tax credit applies to this property.
In the Credits Deductible tab, insert the exit tax amount into CGT Paid box.