Thank you for your feedback.

Was this useful?

Personal Tax: How to carry back EIS Share loss to previous year?

Article ID
personal-tax-how-to-carry-back-eis-share-loss-to-previous-year
Article Name
Personal Tax: How to carry back EIS Share loss to previous year?
Created Date
9th August 2021
Product
Problem
IRIS Personal Tax: How to carry back EIS Share loss to previous year?
Resolution

To carry back a EIS share loss

  1. Load the client and the relevant year of loss
  2. Edit, Capital assets, you have to create the loss – either a Share loss or an Other Capital gain (OCG) and make a loss entry
  3. Edit, Capital assets,  Edit(next to file),  Losses and other information, In the ‘This year’s losses’ section enter the loss to carry back amount in ‘Losses used against last year’s income’
  4. Reliefs, Miscellaneous, Tax calculation, Tax code and Overpaid, Underpaid and Repaid Tax, Enter the manually calculated tax savings value into ‘Tax underpaid (-ve) / overpaid (+ve) from earlier years’
  5. Reliefs, Miscellaneous, Additional information, Tax calculation SA100–  add a note advising on what you have done.

If you want to show the EIS share loss in the previous year

  1. Select relevant year where the loss is going to
  2. Other income, any other losses, “future trading or certain capital losses”, enter the EIS share loss value
  3. Reliefs, Miscellaneous, tax calculation, tax code / overpaid,  fill in ‘tax reclaiming’ with the manually calculated tax savings value (from step 4)
  4. Reliefs, Miscellaneous, Additional information, Tax calculation SA100–  add a note advising on what you have done.

Thank you for your feedback.

Was this useful?