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EIS and share loss relief: a change in practice

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Revenue & Customs Brief 41/10 explains a change in HMRC practice on ‘share loss relief’, allowed against income by ITA 2007 ss 131–151, in respect of capital losses made on shares subscribed for in 'qualifying trading companies’.

The change applies where individuals subscribe for a joint shareholding or subscribe through a nominee.

‘We have reconsidered our practice on share loss relief for shares to which [Enterprise Investment Scheme] income tax relief is not attributable. We will now accept claims to relief for losses on the disposal of qualifying shares where the subscription is made in joint names or through a nominee,’ HMRC said.