The countdown has begun. There is only ten days to go before the Enterprise Investment Scheme (EIS) tax break is removed from community schemes. EIS means that 30% of your capital is paid back almost immediately, in the form of a tax break on your income tax bill. That’s 30% on top of the interest rate of 5% we’re offering here at BEC.
If you Invested £1000 in BEC, for example, £300 would come back when you claim the EIS rebate on your latest tax payment. You’d then receive 5% annually on the £1000. That’ s just what happened this year: our members, many who have claimed EIS on their initial capital, also received a total of £34,000 in interest payments this year.
Investment in BEC is a great way to support community-owned renewable energy. We’re building more and more renewable energy systems, with work nearly finished at our latest build – Park Gate in Hove – and just about to begin at our new on – Maidstone United FC in Kent.
To withdraw your capital, EIS requires you have to maintain your investment in BEC for at least three years. From then on, we will pay back 5% of capital for those who request it. This year, for example, BEC paid members nearly £20,000, buying their shares from them – thus they have left the society. That’s on top of the £34,000 interest payment mentioned above. You can see BEC’s annual accounts here.
If you’re interested in investing in community energy then we’re hosting a seminar tomorrow (Friday) at 2pm.
You will learn:
What it means to be an energy coop member
The benefits to local communities
How much interest you should expect and over what time
Tax breaks available
How you withdraw your money
As well as access to five years’ experience of community energy projects
Tune in to get involved – visit http://www.brightonenergy.org.uk/webinar/ – at 2pm tomorrow.
Cheers
Will
BEC
Hello Brighton Energy Co-op! This is Community Energy BIrmingham. We’ve just closed our own share offer up here in Brum, and filled out our application for EIS. It’s a terribly irritating form. Good luck with it, and with your projects!