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Where Taxpayers and Advisers Meet

Relief for SEIS losses

Joined:Thu Apr 11, 2024 7:08 am
Relief for SEIS losses

Postby Welshlad » Mon Apr 15, 2024 12:22 pm

I invested £20,000 in 2019 in an SEIS company and claimed 50% relief - £10,000.

As I had significant capital gains in that year, I also claimed CGT exemption on 50% of the investment - £10,000 @ 20% = £2,000.

Unfortunately, the company has gone into liquidation and I now need to claim loss relief against income.

I assumed that the amount which can now be relieved is the original investment less the IT and CGT reductions. (£20,000 - £12,000 = £8,000).

But I note that VCM 40100 only refers to income tax relief already given and does not mention CGT saved.

Does this mean that I do not need to take the £2,000 CGT saved into account when making the loss relief claim?

Help would be appreciated – thank you.

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