HMRC Admin 25 Response

Hi M G,
Yes, this is a taxable benefit.
Thank you. 

 

Hi DavidF,
You would need to provide evidence for this to be confirmed as each case needs to be looked at in its own merit.
Thank you. 

 

Hi PPRXT021951,
No, It is only the capital gains in the year of exemption that you can use.
Thank you. 

 

Hi Amy R,
Yes, you will be charged interest if reduced by too much.
Please see details here:
Understand your Self Assessment tax bill
Thank you. 
 

Hi MB74 Breen,
As it is in your name yes, it is you who is liable for any additional tax if applicable.
Thank you. 

 

Hi HighStreetTaxQuestions,
Please refer to guidance here:
Tax relief when you donate to a charity
Tax relief will only apply if you are a higher rate tax payer.
Thank you.
 

Hi oceanic,
Yes, you can split it over two years and you only need one certificate.
You can claim the relief in the year the investment was made and the year before.
Relief cannot be carried forward.
To claim the relief you would send the EIS3 form to:
HMRC,
PAYE & Self Assessment
BX9 1AS.
Thank you. 

Hi YY WONG,
The tax relief would still only be limited to your earnings.
The three years you are referring to is for unused allowance, so that you do not have a pension tax charge as you have exceeded the annual allowance of 40k
Check if you have unused annual allowances on your pension savings
Thank you. 

Hi fixity,
HMRC cannot comment on future events as legislation and/or plans may change.
Based on current guidance, you may be liable to Capital Gains Tax when you sell them.
Thank you. 

Hi Anita,
This has been a legislative decision.
Thank you.