Claiming EIS capital gains tax deferral and SEIS reinvestment relief in self assessme

tg99

I am claiming EIS capital gains deferral relief and SEIS reinvestment relief for 14-15 tax year on my self assessment form and just wanted to check my understanding of the correct way to do this.

As an example:

14-15 capital gains (before any losses) £80k
Amount invested in EIS £20k
Amount invested in SEIS £10k

Am I correct that to claim these two reliefs I select 'OTH - other claims' and then in the box 'Gains in the year, before losses', instead of putting £80k I put £55k (i.e. £80k minus £20k EIS deferral relief minus 50% x £10k SEIS reinvestment relief) and then upload the claim forms in the additional info section? The only other way I could see of doing it so that the right amount of tax is calculated is to put a negative £7k capital gains tax figure (i.e. 28% x £20k plus 28% x 0.5 x £10k) in the Adjustment box. As far as I can tell I also need to list all the individual gains on each (S)EIS claim form even though I am listing them all in my computations in the Additional info section.

(In the capital gains section there is a box to fill in any gain reinvested into SEIS so I was expecting the tax calc to pick this up and factor in the 50% reinvestment relief accordingly but it does not so I assume I therefore need to claim it as described above instead. (My tax calc only shows the SEIS 50% income tax relief claimed in another section of the tax return).)

As an aside, I have another seven or so EIS3 certificates that I am likely to receive over the course of the next six months for investments made in 15-16 tax year that I am going to carry back to 14-15 for the purpose of claiming the income tax and capital gain reliefs. I was intending to do this by amending my 14-15 tax return as each one comes in - is anyone aware of any limit to how many times you can amend your tax return?

Thanks

darren72

tg99 wrote: »

As an aside, I have another seven or so EIS3 certificates that I am likely to receive over the course of the next six months for investments made in 15-16 tax year that I am going to carry back to 14-15 for the purpose of claiming the income tax and capital gain reliefs. I was intending to do this by amending my 14-15 tax return as each one comes in - is anyone aware of any limit to how many times you can amend your tax return?

Sorry, I can't answer that question, but I'm wondering the same thing myself. I have a few and waiting on more.

Hopefully someone will know the answer.

tg99

darren72 wrote: »

Sorry, I can't answer that question, but I'm wondering the same thing myself. I have a few and waiting on more.

Hopefully someone will know the answer.

I got mine in various batches so have probably amended my 14-15 return about 4 times thus far with one more amend to go before Tuesday deadline. All gone through ok and repayments received from HMRC.

darren72

I don't think it matters if you amend after the Tuesday deadline. You are able to amend a return a year or so after it has been submitted.

I'm not sure how they will deal with the repayments as I have paid the bill (before the relief) from various cards. Not sure if they just refund it all back to one or split it between them.

tg99

darren72 wrote: »

I don't think it matters if you amend after the Tuesday deadline. You are able to amend a return a year or so after it has been submitted.

I'm not sure how they will deal with the repayments as I have paid the bill (before the relief) from various cards. Not sure if they just refund it all back to one or split it between them.

You have 12 months to amend the return after the original deadline hence deadline for amends to 14-15 tax return is indeed Tuesday 31.1.17. That said, can still report changes / submit EIS claims after this date but have to write into HMRC instead.

For your repayments, you would normally have filled in your bank account details for where you want any repayments to go when you completed the original SA return.