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EIS Relief carry forward/back

Income tax relief

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In relation to the income tax relief on an EIS investment, I understand that the relief can only result in your overall tax liability to reduce to nil, i.e no refund due. This brings me onto a couple of questions:

1) I understand you can include the investment in the previous tax year but if your income is low in both current and previous year so you do not fully utilise the relief are you able to carry it forward to use in future years?

2) Can you claim some of the investment in the current year and some previous year (and I guess following on from above, can any be carried forward) E.g.

Investment of £10k which provides £3k IT relief

CY tax liability £1k

PY tax liability £1k

Following year tax liability £5k

Can you reduce both CY & PY tax to nil then carry forward the remaining £1k of IT relief to following year? 

Replies (3)

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By AndyC555
22nd Nov 2021 12:36

In year yes
Carry back yes
split yes
carry forward no

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By SA2016
22nd Nov 2021 13:59

Thank you both, much appreciated

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