What is the time limit for carryback of EIS investment to the previous tax year for relief?
If for example the EIS 3 certificate for an EIS investment made in 2018/19 tax year was not issued until say May 2019 can a claim for carryback to 2017/18 still be made? This would be outwith the time limit of 31 January 2019 in which to amend the 2017/18 tax return but can a stand alone claim for carryback be made using the EIS 3 certificate any time up to 5 years from 31 January following the tax year in which the shares were issued? Would that be 5 years from 31 January 2019 on basis the shares with carry back would be deemed to have been issued in the previous year 2017/18?
Is the tax saving by carry back calculated by reference to the reduction in the 2017/18 tax liability and generating a repayment of tax but regarded as a 2018/19 claim and so not adjusting 2017/18 and any repayment interest by reference to 2018/19 claim?