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Posted Mon, 26 Sep 2022 22:05:36 GMT by Oscar Moreno
Hi team, I have a few questions around EIS income tax relief and loss relief, regarding reporting those for events (investments, losses) which happened in the previous years. I hope you can help me with them: 1 - Can I claim EIS income tax relief for an investment made 2-3 (potentially up to 4/5 ?) years ago as part of a current Self Assessment Tax return ? For example, can I claim, as part of the 2021-2022 Tax Year Self Assessment return, income tax relief for an EIS investment that was made in the 2020-2021 tax year (in case I had NOT submitted a Self Assessment tax return in that year) ? And if so, would the relief be applied to my 2020-2021 income tax, or to the 2021-2022 income tax ? (I know the income tax relief can be applied to the year the investment was made or the previous one, but this is a different case, it would be potentially applying the income tax relief to a later year …) 2 - Similarly, can a loss relief (not necessarily EIS in this case) be claimed 4/5 years after it happened ? If so, can it be done online as part of another tax year Self assessment (in case I had NOT submitted a Self Assessment tax return in that year) ? In case of loss relief claimed against income tax for an EIS investment, would the relief apply to the 4 years ago income tax, or to the current year income tax ? In case of standard capital gain loss claims, are these allowances automatically brought forward to offset future years’ gains (in case there are no gains exceeding the tax-free allowance in the same year) ? (If not, how can this be requested ?) 3 - When it comes to venture capital investments, winding up processes usually may take up to 18 months to complete. Is it better to claim loss relief when the company started the winding up / liquidation process, or later when some more documents may have been produced and may be easier to prove the loss, as a loss relief claim referred to previous tax years ? Many thanks. Best regards,
Posted Wed, 28 Sep 2022 09:37:18 GMT by HMRC Admin 17

Please refer to guidance at :

Enterprise Investment Scheme – Income Tax relief (Self Assessment helpsheet HS341)    .

Thank you.
Posted Wed, 28 Sep 2022 13:48:46 GMT by Oscar Moreno
Hi, I had read that before, but didn't find the answer to my question. That's why I asked. I know in some cases relief can be claimed for previous tax years, maybe sending a letter. Also, I think that link you sent doesn't include any information about Capital gains relief, and loss relief. Please could you help with that ? Thanks
Posted Thu, 29 Sep 2022 13:26:30 GMT by HMRC Admin 2

You can claim the EIS relief by submitting the form EIS3 and show the years you want to claim against.

For losses, HMRC must be notified within 4 years of the loss arising and this can then be carried forward indefinitely.

With regards on when to claim the loss, we cannot advise you on that.

For more complex losses that you are referring to, you should write to the address below, providing details so we can give a detailed reply.

Pay As You Earn and Self Assessment
HM Revenue and Customs
United Kingdom

Thank you.

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