baggervance

Ok now I see that I need to claim the difference in the prior year tax liability and this will net off my current tax year liability. Do I need to provide any supporting evidence or explanation of this difference in tax owed prior year? • enter the difference, that’s the decrease in tax due, in box 15 on page TC 2 of the SA110 Tax calculation summary (2023) pages From, https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2024#how-the-relief-is-given

Thanks - I understand and have looked thru the links you have posted, ie the one below. But what is still unclear is how the loss relief for a prior year is (2023 in 2024's filing) paid out. How is 2023's income tax owed recalculated? https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2024#how-the-relief-is-given

Thanks - do you have anything more specific?

Hi when SEIS loss relief is claimed against a prior year return, how/when do we receive the newly created refund/credit? December 2023 - Liquidation occurs 1. If I still have to file my 2023 taxes, can I simply put the losses against 2023 income, ie 2023 tax year such that the refund is automatically calculated online and subsequently paid, ie SA108 Box 41? 2. If I file in the year the loss occurred, ie 2024, and enter in Box 43, when/how do I get refunded the amount based on my 'new' tax liability for 2023 - reduced because of the loss relief. Thanks