IHTM31570 - Assessing: calculating interest: remissions and discharges

As a rule, remissions or discharges (IHTM30451) of assessed tax and/or interest must be reflected in a raised calculation as a payment as if they were a deposit.

Raise a fresh calculation. For a partial or full remission, select the 鈥榤oney鈥� button (IHTM31190) and add a new deposit.

  • In the deposit box enter 鈥楻EMITTED鈥�
  • In the date received box enter today鈥檚 date.
  • In the amount box enter the amount to be remitted.

Select 鈥極K鈥�. Your calculation will either show 鈥榥il鈥� to pay or the balance to be collected after remission.

If the calculations cannot be prepared on COMPASS, you must prepare a template (IHTM31301) or manuscript calculation showing the amount to be remitted in the 鈥楳oney applied from deposit鈥� section of the calculation form.

Discharges

If the discharge relates to tax lost in error or a decision not to re-open a claim to tax, do not raise a calculation.