A simple question. Mr A invests in an EIS scheme in May 2014. He receives his EIS3 in August 2014. He is entitled to claim reinvestment relief in respect of a gain realised in 2012/3. How quickly can he do this?. Can he claim reinvestment relief before filing his 2014/5 SA100? If so how?
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Dear Mr Red Leader
Would it have been possible to make the claim 12 months ago when filing the 12/13 TR - before any investment made?
I have client with 6 figure gains for 13/14 and (other than CG losses which, whilst are real are a bit dubious have been advised to HMRC time), the alternative is to make an investment within 3 years of the gain (August 2016). But could we reduce the gain at time of filing now?
Thank you
Read Sch 1B of TMA
The claim will relate to 2014-15 so can't be made until after 5 April 2015.
Touche Portia!
Yes, it doesn't, I was thinking about income tax claims. My apologies. (also for not being able to produce an acute accent for Touche).
I haven't read Sch 1B but it's pretty obvious that if he could c/b the claim to 13/14 then he can do so when filing the 13/14 TR and not have to wait until actual cash paying/investment made.
But what about claiming for a deferral before actually making the investment - with sufficient guff put in the space? Surely that's just an estimate and he then has normal limits to amend?
Anyone disagree please?
Montrose
As shown above Sch 1B is irrelevant, see instead TCGA Sch 5B para 6(1) which applies bits of ITA.
So lomg as you have the EIS 3 you can make the claim now.