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How To Amend EIS Income Tax Relief Carry Back?

How to get hold of fresh EIS3 form Pages 3 and 4 (Carry back for income tax relief).

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It has become apparent that client's original EIS3 income tax claim to carry back 2016/17 share subscriptions to 2015/16 was flawed in its quantum.

She now needs to amend the original carry back claim to carry back more of the 2016/17 subscription to 2015/16. 2016/17 is of course now out of time for normal tax return amendment.

Assuming the amendment is done on amended EIS3 forms (pages 3 and 4) where on earth do I obtain these blank pages. It appears the originals came from the EIS fund managers (for obvious reasons). There is no sign that blank pages 3 and 4 can be downloaded from the Internet.

Or is there another method of amending the original carry backs. Maybe by letter? Does anyone know offhand.

 

Replies (6)

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By K81
21st Mar 2019 15:31

send a letter- I understand that these claims are dealt with in a separate section to the normal post.

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By Jdopus
21st Mar 2019 16:05

If they file self assessment returns you just need to change what's on the SA100 by filing an amended SA100 using the normal procedure.

You don't need to use pages 3 & 4 unless they don't file SA100 returns. If they don't file self assessment then what you need to do is write a letter to the Cardiff EIS team that issued the EIS3 explaining the situation and asking them to provide a new copy so that you can amend the claim. There's no other way to get a new copy of the EIS3

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Replying to Jdopus:
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By Wanderer
21st Mar 2019 16:16

Jdopus wrote:

If they file self assessment returns you just need to change what's on the SA100 by filing an amended SA100 using the normal procedure.

OP has mentioned in her question that out of time for a normal SA100 amendment.

Penelope, I've done it by a simple letter, as K81 says.

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Replying to Jdopus:
By penelope pitstop
21st Mar 2019 16:55

Thanks.

Tax return is now out of time for normal amendment.

Will try by letter as suggested above x 2.

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Caroline
By accountantccole
22nd Mar 2019 10:33

Make sure your letter is really detailed with the figures as I have had some nonsense replies, even from the specialist departments

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Replying to accountantccole:
By penelope pitstop
22nd Mar 2019 14:45

That is very helpful. Thanks.

I have been advised that although one has almost six tax years to claim EIS income tax relief, any adjustment of a previous EIS carry back claim has to be done within 4 tax years after the tax year to which the relief is carried back.

So, a carry back claim from 2016/17 to 2015/16 where, say, more 2016/17 subscription is to be carried back to 2015/16 can only be amended if HMRC are advised by 5 April 2020.

Does that sound correct. If so, that means there are the 5 years 10 months and 4 tax years time periods to watch out for in the case of a carry back adjustment.

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