Under EIS rules, the product provider will have to wait until each company has been trading for four months before they can apply to HMRC for the certificates which will enable you to claim your tax reliefs. Once they have applied for them it usually takes two months before they have the completed forms ready to send to investors. So it's likely to take up to twelve months, from the date on which they make investments on your behalf into the qualifying companies.

The relevant date for income tax relief, from a tax year perspective, is the date on which investments are made into each qualifying company, rather than the date on which you invest into an EIS fund or portfolio service.

You cannot claim tax relief until the company sends you a form - called EIS3. If you invest through an Approved EIS Fund you will receive a different form - EIS5.

Your claim can be made via your self assessment tax return for the tax year in which the shares were issued. If the shares were issued in a previous year, and/or if the claim is for capital gains deferral relief, the claim part of the form EIS3 must also be completed and sent to your tax office.

If you have an EIS3 that would allow you to claim income tax relief in the current tax year, you can request a change to your PAYE tax code, or an adjustment to any self assessment payment on account due. You will still have to make the claim itself on your tax return when you obtain it.

Full use of these tax advantages will depend on individual circumstances and if you’re unsure of your own potential tax liabilities, you should seek professional advice from a qualified tax adviser. Please remember that tax rules and regulations are subject to change.