How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I have invested in a company authorized by a SEIS scheme for

Resolved Question:

I have invested in a company authorized by a SEIS scheme for tax relief. This company is involved in the production of theatre. I would like to know if the tax relief that I will be entitled to under the SEIS scheme can be combined with the theatre tax relief as outlined in the Theatre Tax Relief :Consultation published 27, March 2014. The SEIS tax relief is 50% and the theatre tax relief as described under the Tax relief Consultation is 20%. I want to know if they can be combined for 70%, under same company or if the investment needs to be divided between two companies, for example Company A, with 50% for SEIS and Company B, for 20% theatrical. Please see Theatre tax Consultation at at:

Tax relief for theatre.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/324099/PU1614_theatre_tax_relief_consultation.pdf

T Hayes

Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

SEIS tax relief is available to individual investors only at a rate of 50%. Theatre Tax Relief is available to the production company only in the form of a tax credit and is nothing to do with the individual investor. You won't get personal tax relief of 70% but you will benefit indirectly from the theatre tax relief given to the film production company.

Clearly, the theatre production company you have invested in has been authorised by HMRC as qualifying for SEIS funding so the two tax reliefs can interact but one relief goes to the investor and the other relief goes to the production company.

I hope this clarifies things for you but let me know if you have any further questions.
TonyTax and 2 other Tax Specialists are ready to help you
Expert:  TonyTax replied 2 years ago.
Hi again.

It's been a few days since I answered your question. Is there anything you need further clarification on?