Suppose Mrs.A had significant income and chargeable gains in 2012/3, and duly filed her SA return before 31st January 2014.
In March 2014 she subscribes £10,000 in 4 SEIS schemes. She receives her SEIS 3 forms over a number of months, and on receipt of each makes a claim to relief for income tax and CGT relief for 2012/3.
The Form SEIS states that such a claim is treated as an amendment to the original{2012/3] return[presumably under TMA s9ZA, but no explanation is given]
Question-does that start a new 12 month period during which a 9A enquiry can be launched-so that the last SEIS3 form lodged by Mrs A extends her 9A window?
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Replies (3)
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Surely...
... any extension of the enquiry window on an amendment of a return only applies in respect of the amendment, by virtue of TMA 1970, s. 9A(5)?
The claim is only an amendment to the return if the return is still in time for amendment, because s. 42(2) says that such a claim can only be made through a return or amendment of a return.
I haven't checked, but I imagine that by the time that the return is out of time for amendment, the claim would also be out of time.
Look at the wording of 9A(5)
"....is limited to matters to which the amendment relates or which are affected by the amendment"
In the case postulated, this would include for example the CGT computation for 2012/3.
The question remains open
I don't agree
The significant words is matters.
Your 2012/13 gain is simply a function of their being proceeds of X and a base cost of Y. The calculation and quantum of your "original gain" (TCGA 1992, Sch. 5, para. 1(2)(a)) of X-Y isn't a matter that is affected by your SEIS claim.
The only CGT matter that is effected by your SEIS claim is whether your "original gain" X-Y is then further reduced by Z under para. 1(5).
There can't be any enquiry into X-Y outside of the normal time limit, in my view.