Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Time limit for amending an SEIS claim

    Thanks. That was my interpretation of the rules, however the HMRC employee who processed the request won't allow it as he says the deadline to amend was Jan 31st 2022. Is there a way to appeal and have someone else consider it?
  • RE: Correct categorisation of loan note interest on form R40

    Hi This is cash interest - hence the question. I had noted the explicit inclusion for non-cash interest, but there is nothing to include or exclude cash interest from loan notes; however there isn't on the notes accompanying the SA100 either - but all suggestions from HMRC Admin confirm that "Taxed UK Income" is the correct option on SA100, so looking for the same confirmation for R40.
  • Time limit for amending an SEIS claim

    My understanding is that a claim for SEIS relief can be made up to five years from 31 January of the year after the tax year in which they made the investment. So for an investment made in June 2019 (i.e. 2019-2020 tax year), the claim can be made up until 31st January 2026. That claim allows for the income tax relief to be claimed in the year of the investment of the proceeding year (i.e. 2019-2020 or 2018-2019). However the deadline for amending such a claim is less clear, and this is what I would like to know. The circumstances are thus: My father made an SEIS investment in June 2019. Unfortunately, he passed away in May 2020 and so I, as executor, completed his 2019-2020 and 2020-2021 tax returns based on the information gathered through the probate period. A few months later I discovered an SEIS form for an investment made in June 2019. I wrote to HMRC to amend the IHT return and claim the income tax relief against 2019-2020 (being the tax year of the investment). They processed the claim and issued a refund, taking tax due in 2019-2020 to zero. I then became aware of a loss on an investment that occurred before he passed, which was eligible to be set against income tax for 2019-2020, and made a further amendment to do so. This was accepted by HMRC - however, there was no refund as the previous claim had reduced the tax paid to zero. The SEIS relief is no longer required against his 2019-2020 return and, had I known the full circumstances at the time of making the initial claim, I would have carried this back to 2018-2019 (where there is tax that can be reclaimed). What are the rules on amending an EIS/SEIS claim under such circumstances?
  • Correct categorisation of loan note interest on form R40

    My son is the beneficiary of mandated income from an income in possession trust. As mandated income, it is received directly by him and is not considered "income from a trust", this has been confirmed by the advisor who set up the trust (who is both a lawyer and chartered tax advisor) and by HMRC's trusts department. Some of his income is interest paid from a UK loan note (i.e. a corporate loan, to a UK company denominated in £ sterling) where WHT was deducted and an R185 issued and we want to declare/reclaim that tax (as under his personal allowance) using form R40 as opposed to registering a minor for self-assessment. Is it correct to declare the loan note interest (and tax paid) using the "Taxed UK Income" section of the R40? This is in line with responses from HMRC on similar queries made in relation to SA100; however, the notes that accompany R40 do not list this type of income (or anything I can justifiably relate to this type of income), which would only leave the option of "other income"?