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The wrong form

07 June 2016
Issue: 4553 / Categories: Tax cases

X-Wind Power (TC5086)

Error not capable of correction

The taxpayer applied for clearance to supply a compliance certificate enabling its investors to claim seed enterprise investment scheme (SEIS) relief at 50% (ITA 2007 s 257EB). But it used the EIS1 form (applicable to the enterprise investment scheme under which relief is allowed at 30%) instead of the SEIS form. HMRC authorised the taxpayer to issue EIS compliance certificates. The mistake went unnoticed until the taxpayer applied for a further compliance certificate. HMRC refused this on the ground that there was an earlier EIS investment which precluded the company from using SEIS.

The taxpayer asked HMRC to accept a SEIS application instead of the EIS one but it refused. The taxpayer appealed.

The First-tier Tribunal was ‘entirely satisfied’ that the taxpayer had intended to apply for SEIS authorisation and that it had made an innocent mistake in using the wrong form. The...

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