1What are your fees?
We offer a free review and then no win no fee pricing. For tax relief on losses the fee starts at 15%+vat; for mis-sold investments the fee is 20%+vat.
2How long have you been trading?
Investment Recovery Services Limited was established in 1998, company registration number 03604183
3Are you regulated?
Yes, please see the statutory wording in the footer of all pages on this website in relation to our Claims Management Regulation. We also operate within the rules and guidance of other oversight bodies: Institute of Chartered Accountants of England and Wales, Information Commissioner's Office and HM Revenue and Customs.
Tax relief on losses
1Will my claim succeed?
Whilst we are the most experienced operator in this field, and the market leader, we cannot advise you in advance whether your claim is going to be successful or not. In our experience it is advisable to make the claim in the majority of cases. This is exactly the reason why we operate no win no fee pricing so that our clients can pursue claims at absolutely no risk to them. Our success rate is over 90%.
2I have just received a notification letter from you, what is it all about?
We have analysed information at Companies House and believe that you may be entitled to a personal income tax refund. The purpose of the letter is to let you know of the possibility of the refund and to explain how we can help secure it for you.
3Is it company tax or my tax?
No, this is a personal tax issue. It has no bearing or relation to the taxation affairs of the company in which you held the shares.
4Will I be digging around in the attic for paperwork?
No. In most cases we already hold all the information we need to process the claim on file, all we need is your authorisation to do so.
5What happens if when the company failed it owed money to the The Revenue?
You are still entitled to claim for the refund, it has nothing to do with company tax.
6What if I do not or did not pay much in the way of income tax?
The amount of tax that you can be repaid can be no more than the amount you paid in the first instance. We can choose any two consecutive years and we will clearly choose those years which are most beneficial to you.
7What happens if I have never paid any income tax?
You will not be due any refund
8What if I owe money to the The Revenue?
Once the claim has succeeded, the claim will be placed on your account and affect your tax liability accordingly. Any surplus remaining, in the event that a tax debt is cleared, will then be repaid in the form of a cheque to you.
9Can my accountant deal with this?
Your accountant can deal with this if they have the necessary specialist knowledge and experience. But remember he or she is likely to charge you whether the claim is successful or not. We will only charge where we can refund money to you.
10Do I need to advise my accountant that IRS are making this claim on my behalf?
There is no necessity for you to do this. This is a totally stand alone claim.
11Will making this claim put me in a difficult light in respect of the The Revenue?
Absolutely not. This is your entitlement under the taxes legislation and you are entitled to claim back all the tax that is due to you.
12What if I have received refunds through other schemes such as the EIS?
If a claim has already been made against your initial investment, then a claim is most likely still possible but may be for a lower amount.
13I have had a letter but my relatives have not. Why is this?
The claim is not appropriate to all individuals. You must have held the shares all the way through the company and be an original allottee.
14My tax affairs are not up to date, how can I get them up to date.
We will assess the position and in the vast majority of cases, we can get your house in order within the fee we have supplied for making the claim. In the event that there is a lot of additional work we will discuss a fee with you.
15Can IRS deal with my tax affairs after this is claim is completed?
Yes and we would be delighted to do so.
16How long will the claim take?
A straight forward case will take 18 weeks to complete, more complicated cases may take longer.
17What are the forms?
This is your authorisation for us to act on your behalf with The Revenue and to have the rebate repaid to us. Our authorisation is in respect of the loss claim only. As you have authorised the payment to be sent to us it is normal procedure that we do not need to request payment from you or your bank details in undertaking a claim. You normally receive a cash repayment from us after we have deducted our fees.
1What financial products do you cover?
We will look into any retail financial products. Many of our clients were mis-sold risky shares by stockbrokers, others mis-sold SIPP pensions and the investments held in them.
2How do I know if I was mis-sold
You aren’t entitled to compensation just because an investment performs badly or you lose money. Your loss must be because of bad or misleading advice, negligent management of investments or fraud or misrepresentation. We will advise once we have completed our initial (free) review.
3How far back can I claim?
15 years, can be longer in certain circumstances.
4In many cases the FSCS pays the compensation - who are they?
Any business providing financial services or advice in the UK must be authorised by the Financial Conduct Authority, FCA (or its predecessors). All authorised firms pay a levy to fund the Financial Services Compensation Scheme. The FSCS acts as a funder of last resort where a claim can not be brought against the broker themselves, usually because they are no longer trading. It’s not funded by the taxpayer.
5What if the financial adviser / broker is still trading?
We can help in these cases too. Claims are made direct to the firm in question and - where acceptable redress is not achieved - redirected to the Financial Ombudsman Scheme (FOS) who will arbitrate a settlement.
6What if the financial adviser or broker is/was not authorised?
In these instances neither the FSCS or FOS can help. You should approach the unauthorised firm directly, check authorisation at theFinancial Services Register. Unfortunately, we can not assist in these cases.
7What do I need to provide?
We need documents to evidence your investments: statements, contract notes, share certificates, terms of business, etc and - a mandatory part of the formal claim itself - a written statement recalling the advice you were given.
8Do I pay tax on the compensation?
The compensation is tax free, the interest is taxable.
9What if I have a claim against more than one firm?
Claims are submitted on a per firm basis.
10How much can I claim?
You claim will be losses and interest. This is capped at £85,000 for claims paid by the FSCS and £350,000 for FOS claims (lesser amounts may apply to earlier claims).
11How long does a claim take?
FSCS claims should be completed within 6 months from the date of submission. FOS claims can take longer.