When completing my 2023 IR3, I came across a couple of differences between the Sharesight CV calculations for FIF income and allowable tax credits, compared to the IR3 return.
Firstly, the IR3 return requires you to break down the FIF income by jurisdiction where the Sharesight (and IRD) FIF calculator don’t. If you break it down by jurisdiction, then the losses of one market cannot be offset against the profit of another. So if you have a CV loss in the UK of -$2000 and a profit in Australia of $5000, then both the calculators will say you have FIF income of $3000 which is incorrect as on the IR3, a loss for a jurisdiction should be reported as zero, therefore you FIF income is $5000. This problem goes away if you use the calculators for one jurisdiction only and then rerun it for others, but neither the Sharesight or IRD calculators say you need to do this.
Secondly, when a FIF jurisdiction has a loss and you report it as zero income on the IR3, then you cannot claim any tax credits for that jurisdiction, even though some individual investments will have positive income and a deductible tax credit for that individual investment according to the Sharesight calculator.
These differences have come about from the need to complete the Overseas Income Summary on the IR3 by jurisdiction, which i think is new for 2023. I believe both the IRD FIF calculator and the Sharesight FIF report need to be updated as a result IF the IRD interpretation is correct, which i think it is.
Of course i might have this all wrong, so fell free to correct my understanding