Mechanics of claiming EIS carry back

Mechanics of claiming EIS carry back

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Individual invested in 2012-13 into an EIS qualifying investment and wishes to claim various reliefs in earlier years, giving rise to freestanding SA credit.

I try to enter the freestanding credit in box 15 on page TC2 of tax calculation attachment and it fails online validation on the grounds that only trading losses or averaging elections can give rise to an entry in TC2.

Is there a workaround or some other entry I should be making for this?

Thanks

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By kaff
30th Jan 2014 17:14

Use form EIS3

Carry back claims need to be made on the form EIS3 which the investor would have obtained from the company after the company was certified by HMRC as meeting the qualifying conditions. 

http://hmrc.gov.uk/manuals/vcmmanual/VCM14170.htm

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By mhtax
30th Jan 2014 20:16

May not be able to claim yet

Many EIS companies do not fulfill all the qualifying conditions until well after the initial investment.is made so I am not sure you will have received the certificate confirming a claim can be made yet.

The certificate allows for claims to be made outside of the normal time limits but I am afraid it cannot be used to justify paying less tax for 2012/13.

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