File Setup Wizard
New computations for years ended after 31 March 2006 can now be created quickly and easily using the new file setup wizard. By entering some basic data about the life company, such as the number of participating and non participating funds and categories of business, a new computation file can be set up automatically, eliminating the need to develop funds manually.
Data Entry Schedules
In response to user feedback, a new set of data entry schedules has been included in this release. These schedules allow a user to populate a large part of the computation, without the need to enter data on any of the existing schedules, making it both easier and faster to prepare a basic computation. The data entry schedules also allow someone with limited tax knowledge to set up the basic computation. There is two way linkage between each data entry cell and the underlying cell to which it relates, such that any changes made in either cell will be reflected in both.
The new data entry schedules are included in full version files for 2006 onwards. We will review including the schedules in the payment on account version in a future release.
Cell hints
A number of ‘cell hints’ have been included in this release for 2006 files. Cell hints are designed to give basic help functionality for a particular cell simply by hovering over that cell with the mouse. Cells that contain hints are identified by a small “H” in the top right corner of the cell. The new functionality is designed to be used on conjunction with the updated schedule level help documentation included in this release.
We would welcome feedback on this feature.
Demutualisation / Mutual surplus
New legislation detailing rules on surpluses of mutual and former mutual businesses was introduced by the Finance Act 2006. This release of Abacus contains new schedules to reflect this legislation, which is detailed in s 444 AF-AL TA 1988 and the transitional provisions. The following three schedules have been included in Abacus:
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Demutualisation surplus – schedules for participating and non participating funds
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Calculation of Demutualisation Transfer Surplus
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Mutual Surplus (in the case of a mutual company (s 444 AK))
The adjustment required under TA 1988 s444AF(2) or s444AK(2) is calculated and included in receipts taken into account as appropriate (for the purposes of Finance Act 1989 s83(2)).
The new schedules are included by default in 2006 files. They can also be added to 2005 files; please phone the hotline for assistance.
Quantification of UK tax expended on behalf of policyholders - Gross-up methodology
Abacus currently offers four methods of calculating the quantum of UK tax expended on behalf of policyholders for the purposes of the Notional Case I computation. In response to a client request, a fifth method has been included in this release for 2006 files, utilising Form 40 tax less shareholders' tax calculated on gross-up basis.
To reflect this change, a new schedule has been added for “Tax expended on behalf of policyholders – gross up basis”. This schedule calculates the gross up of the surplus, and the policyholder tax. Additional working paper schedules have also been added for
Abacus System changes
Super F8
A "Super F8" key has been introduced to jump straight up a calculation chain. Pressing CTRL+ALT+F8 on a cell will look up the calculation chain of the value and will jump to the cell at the top of the chain (either the original data entry cell or a cell where the value originated as a result of a calculation).
Currencies Toolbar
The currency toolbar and exchange rate toolbar have been combined into a single "Currencies" toolbar for ease of use.
Contacts for further information
Please get in touch with your usual Abacus contact for further information or any general questions you may have about the new release.
Technical support is available from the hotline from Monday to Friday, between 9am to 5:30pm on 020 7303 8102.
Please note: You can also email the hotline on our new email address: tmcsupport@deloitte.co.uk or use the link from the help tab on the Start Page within Abacus.
