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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, I am filing my tax return /14 and I am attempting

Customer Question

HI,
I am filing my tax return for 2013/14 and I am attempting to claim relief on an EIS investment I have made. However, I have been told by a friend that you cannot claim EIS relief if an "associate" has worked for the company in question. My Daughter worked for this company during her gap year and I cannot find clear guidance on the HMRC websites.
Do you know if this disqualifies me from relief under EIS please?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Guidance on Enterprise Investment Scheme - Income Tax Relief can be found on HMRC helpsheet hs341 and I amm providing a link to it within my answer.

Who can claim income tax relief is covered on page 2 of the helpsheet.

To qualify for relief you must not (except in one set of circumstances, described on page 3*) have been ‘connected’ with the company at any time in the period starting two years before the shares were issued. Provided your daughter was not employed by the company during this period, you should qualify.

Here is a link to hs341

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323783/hs341.pdf

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.


Customer: replied 2 years ago.

Thanks very much

Expert:  taxadvisor.uk replied 2 years ago.
Jerry, thanks for your reply.

I hope the information provided is helpful and answers your question.


If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.