Can SEIS losses be carried back?

I invested in a SEIS-qualifying company in the tax year 2018-19, for which I've previously claimed investment relief. This company went bankrupt in December 2022. I am wondering: 1) Can I carry back the loss (i.e. to the tax year 2021-22) to claim relief against income tax? 2) Can I carry back the loss partially? 3) Can I claim loss relief of any unused losses against income tax in 2022-23 4) Following on from question 3, if any losses are still unclaimed, can I offset them against CGT in future years?

Hi,

If you make a loss on a disposal of SEIS shares, you can set this loss against your chargeable gains in the same year .In computing the loss, you must reduce the cost of your shares by the amount of any Income Tax relief given and not withdrawn.                

HS393 Seed Enterprise Investment Scheme — Income Tax and Capital Gains Tax reliefs (2021)

Thank you.

Thank you for this. Please advise: 1) Which year can I claim the relief. 2) Whether the relief can be offset against CGT.

Hi,

HS393 (2022) advises that if you make a loss on a disposal of your SEIS shares at any time, you can set this loss against your chargeable gains. In computing the loss, you must reduce the cost of your shares by the amount of any Income Tax relief given and not withdrawn. You can claim losses in the year they occur. Losses can only be carried forward.  

HS393 Seed Enterprise Investment Scheme — Income Tax and Capital Gains Tax reliefs (2022)

Page CGN 3 of the Capital Gains Tax summary notes explains how losses are allowed for capital gains purposes. 

Capital Gains Summary notes

Thank you.