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    • economister
    • By economister 19th May 17, 10:18 AM
    • 3Posts
    • 0Thanks
    EIS Income tax relief and LOSS relief
    • #1
    • 19th May 17, 10:18 AM
    EIS Income tax relief and LOSS relief 19th May 17 at 10:18 AM
    Hi guys,

    This is my first post here and I'd really appreciate your help.

    So I made a chunky investment in a start-up company last year and it ended up going bust a couple of months later.

    I have just received an EIS3 form for my investment and would like to claim a) initial income tax relief and b) loss relief.

    The thing is that I do not complete a tax return - I pay tax on PAYE through my employer.

    Now I think I can get the initial income tax relief from filling in & submitting pages 3 and 4 of the EIS3 - but then how would I claim for the loss relief?

    I understand you can claim for loss relief via the "capital gains" section of your tax return, but I don't do a tax return, I'm just on PAYE. Is there not a way to alter my PAYE or get a rebate against my income tax, without having to do a tax return?

Page 1
    • Malthusian
    • By Malthusian 19th May 17, 10:22 AM
    • 4,084 Posts
    • 6,402 Thanks
    • #2
    • 19th May 17, 10:22 AM
    • #2
    • 19th May 17, 10:22 AM
    You will need to complete a tax return.

    From HMRC:

    If you have an EIS3 for a year for which you have not yet received a tax return, you can request a change to your PAYE (Pay As You Earn) tax code, or an adjustment to any Self Assessment payment on account due. You will still have to make the claim itself on your tax return when you get it.
    • economister
    • By economister 19th May 17, 10:34 AM
    • 3 Posts
    • 0 Thanks
    • #3
    • 19th May 17, 10:34 AM
    • #3
    • 19th May 17, 10:34 AM
    Okay. But why does that say "when you get it" - are they going to send me one? I thought you complete your own.

    Also - would I be completing it for the previous tax year, which has already been concluded and I've paid tax for on PAYE, or would it be for the current tax year? I'm so confused.
    • Linton
    • By Linton 19th May 17, 10:41 AM
    • 9,381 Posts
    • 9,512 Thanks
    • #4
    • 19th May 17, 10:41 AM
    • #4
    • 19th May 17, 10:41 AM
    Suggest you ring up HMRC and ask. These days a lot of changes can be made over the phone. If they want you to complete a tax return they will ask you to. Otherwise you dont.
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