This Schedule will list all Accrued Interest relevant to the period requested and will provide separate totals of all charges and rebates.
Because Accrued Interest is assessable in the Fiscal Year in which the interest period ends there will generally be two columns reporting Accrued Interest. The first will report all Accrued Interest assessable within the period of the Schedule whilst the second will report all Accrued Interest relating to current year transactions where it is not assessable until the following fiscal year.
Note: It is important to ensure that details of all Accrued Interest which is listed as being assessable in the following year is retained as it will not be re-listed on the subsequent year's Schedule.
Even if an Accrued Interest Schedule is not requested the system will test each portfolio to establish whether or not a minimum nominal of £5000 is held in Securities covered by the Accrued Income = Schedule on any day throughout the period of the Schedule and therefore potentially "caught" by the scheme.
If this condition is found to be satisfied the highest amount of nominal held on any one day throughout the period of the Schedule will be printed on the footing line of both the Dividend and Capital Gains Schedules. The figure will only appear where this condition is satisfied and will appear in parentheses preceded by a £ sign. The system will not assume automatically that the portfolio is caught by the Scheme and, therefore, will not generate an Accrued Interest Schedule.
There are a number of reasons why the system cannot determine automatically whether or not a portfolio is caught. For example, the portfolio may be part of a group and may appear outside the scheme when processed in isolation but "caught" when consolidated with other portfolios in the group.
Additionally the Client may be a foreign resident in which case the Accrued Interest scheme would not apply.
If a Schedule is found to be "caught" then the next time the case is processed the In Accrued Income Scheme check box should be selected on the Calculation Processing Options screen.