Personal Tax - EIS/ SEISS Relief carry back to prior year. (Not a loss)

Article ID

personal-tax-eis-seiss-relief-carry-back-to-prior-year-not-a-loss

Article Name

Personal Tax - EIS/ SEISS Relief carry back to prior year. (Not a loss)

Created Date

18th February 2022

Product

Problem

IRIS Personal Tax - EIS/ SEISS Relief carry back to prior year. (This is Not a loss)

Resolution

1. Select the client and the year of the relief
2. Reliefs | Business investments | EIS or SEIS investment schemes.
3. Fill in details and make sure the amount for the carryback box is filled and the amount of relief (both boxes) , and that the ‘for year end 5th April’ field has the tax year you are carrying back to (for example, if you are carrying back from 2021 to 2020 – state here 2020) . The amount for relief must be equal or greater than amount to carryback.
4. Now change to the prior year you want to claim the relief.
5. Reliefs | Business investments | EIS or SEIS investment schemes. Enter in the same information but leave the carryback amount field blank. The amount for relief (the amount carried back from the relief year) field will be what shows on the tax comp. ‘for year end 5th April’ should have the tax year you are carrying to.