Data Mining and Reporting Criteria – Life Policy Gains & Adjusted Total Income

We have introduced new data mining and reporting criteria for life policy gains and ‘Adjusted Total Income’.  This could be of particular interest to our users who have clients who may have surrendered gains on life policies which have resulted in their income exceeding £100,000 (Silver v HMRC case).

The new data mining and reporting fields have been brought into effect from 2014 onwards and allow users to search for specific clients with gains from UK or foreign life policies and/or gains from voided ISAs.  If required, the new criteria also allows users to limit the search to only show those clients with Adjusted Total Income in excess of £100,000.

Example Reports:

Using the current and new data mining and reporting criteria allows users to produce a number of different reports, for example:

• Search for individual clients for 2019 where their income includes gains from any UK or foreign Life Policies and their income is above £100,000.
• Search for individual clients for 2018 and 2019 where their income includes gains from any UK or foreign Life Policies with no restriction on income (although the Report could still be customised to reflect this information)
• Search for individual clients where their income includes gains from any UK or foreign Life Policies in excess of a set amount

Reports can also be exported to Word or Excel, if required.

Using the Data Mine Wizard

We have a comprehensive guide to how data mining works, KB2328 - How do I use the Data Mine wizard?, but please continue reading for more specific instructions on creating an example report, as shown above:

1. Open Report Manager > New Report and select Report Information. 
2. Enter an appropriate name and description for your new report.
3. Click on the Client Selection screen, select Advanced client selection (Data Mine) and click on Data Mine to open the wizard.
4. Click Add Condition and choose Client type from the Client Information menu.
5. Click Add Condition again and choose Tax Return fields, Personal Tax, 2019 > Life Policy Gains and choose UK Life Policies.
6. Click Add OR and choose Tax Return fields > Personal Tax > 2019 > Life Policy Gains and choose Foreign Life Policies.
7. Click Add Condition and choose Tax Return fields > Personal Tax > 2019 > Life Policy Gains and choose Adjusted Total Income.
8. Ensure that the combo box next to Adjusted Total Income says Greater than and enter 100,000 in the amount box.
9. To save the search, click Save and Run or click Run Only if it’s not necessary to retain the search criteria.
10. Click Report Customisation to choose the data that you’ll see on the final report.
11. Click Continue until you are asked to Finish and Save. 
12. Click Yes when prompted to run the report.