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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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In tax year ending April 2015 I invested £10k into a SEIS

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Hi. In tax year ending April 2015 I invested £10k into a SEIS scheme. I understand well the CGT RE- investment relief (at 14%) and the income tax relief (at 50%) and have plenty of capital gains and income tax to use this against in the 14/15 tax year. However, I can only claim these reliefs when I get the seis3 forms from the several companies I invested in (through reputable broker). However it is likely I will only get certificates before I need to submit my 14/15 tax return for around £5k of the £10k invested. The other certificates will come in Feb 2016 even though the share allowed date on these will be in the 14/15 tax year but without the SEIS3 certificates I cannot submit these in my 14/15 return in Jan.
I am concerned I will lose the relief not used. Can I carry the income tax and CGT relief forward to the 15/16 tax year even if the share allowed date is in the 14/15 year because of when I get my certificates? I will have plenty of PAYE income tax to claim the unused income tax against but likely not have enough capital gains. Hence on the unused CGT element can I carry it back in some way on my 15/16 tax return to use against my 14/15 CGT gains? Can you provide some advice/ clarity and also how practically on my self assessment form in 15/16 do I do this? Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. I have clients who use SEIS and EIS. There is nothing to stop you amending your 2015 tax return when you receive the remaining SEIS certificates. You have until 31 January 2017 to do that. HMRC may ask to see the certificates. The official way of claiming relief after you have submitted the tax return is to complete the claim form in the SEIS3, take a copy for your records and send the original to HMRC. I did that for a client a few months ago long after his 2015 tax return had been submitted to HMRC. Take a look at HS393 here for more information: https://www.gov.uk/government/publications/seed-enterprise-investment-scheme-income-tax-and-capital-gains-tax-reliefs-hs393-self-assessment-helpsheet/hs392-seed-enterprise-investment-scheme-income-tax-and-capital-gains-tax-reliefs-2015 I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15755
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer: replied 1 year ago.
Thanks. makes sense. I can see the relevant sections to do this on forms I have had to date. When I do this do HMRC just write me cheque and send it to me or how do I get the retrospective refund? (as it may be say 6 months after I settled my 14/15 self assessment form)
Expert:  TonyTax replied 1 year ago.
HMRC will send you a cheque when they have processed the claim for relief. If you put your bank details in the 2015 tax return and a note in the white space, they may issue the refund direct to your bank account.
Customer: replied 1 year ago.
I live in hope. Thanks. I am not sure next year the tax relief on the seis is really worth all the admin!
Expert:  TonyTax replied 1 year ago.
You will get your tax repayment. Chase it up four weeks after you have sent the SEIS claim to HMRC.

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