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

Created Date

9th August 2021

Product

Problem

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

Resolution

To carry back a EIS or SEIS 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’ AND the same value in the SEIS/EIS box ‘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 or SEIS share loss in the previous year

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