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Where Taxpayers and Advisers Meet

EIS loss this year - claim against tax last year

davidxt
Posts:34
Joined:Mon Feb 23, 2015 4:00 pm
EIS loss this year - claim against tax last year

Postby davidxt » Tue Aug 16, 2022 9:34 am

I have sold EIS shares in June '22 and have a loss statement. I would like to offset half of the loss against 21-22 income and the rest against 22-23 income.
I have already submitted my online self-assessment for 21-22 and paid tax due (which I would now like to have back, or some of it).

Can I make an adjustment to that online 21-22 self-assessment using the loss incurred the following June? I am unsure because the online CG section (I think it is box 47) asks for 'Losses in the year', which of course they were not - they are losses in the next year, albeit that the loss is allowable against the previous year.

Or do I have to wait until my next Self-assessment for 22-23 and then enter the loss and ask for half against the previous year?


Any help much appreciated

davidxt
Posts:34
Joined:Mon Feb 23, 2015 4:00 pm

Re: EIS loss this year - claim against tax last year

Postby davidxt » Sun Aug 28, 2022 11:36 am

Answering my own question in case useful to others:

In this situation (per phone with HMRC EIS department), yes, is is possible to use an allowable loss certificate issued in a certain year to claim a rebate for tax already paid the previous year and also save a portion of the loss to be used against the current year when the next SA is made. But not online, you have to write to them and explain what you want. A letter will do, no tax form applies.


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