Community Energy groups are poised to sue the government over changes to the EIS tax scheme.
The body that represents England’s energy co-operatives – Community Energy England – yesterday served a letter on HM Treasury challenging the Government’s removal of EIS for community energy schemes.
The letter – the first step towards a judicial review of the removal of EIS – points out that the government promised to give the sector 6 months warning of EIS’s removal when it stated, in the March 2015 budget, “The government will allow a transition period of 6 months …before eligibility for EIS, SEIS and VCT is withdrawn.”
In fact there was no transition period.
CEE contends that the budget statement created a “legitimate expectation” in law i.e. a series of clear assurances that the Government would not remove EIS from community energy groups without implementing transitional provisions.
While this may impact the availability of EIS in the future, there are 3 days left to invest under the current scheme. Investment in community energy groups like Brighton Energy Coop allows you to claim this 30% tax rebate on your investment; we are building many new solar PV projects in the south – keep an eye on this page to see how we’re doing.
Your investment helps develop more green energy for our area; we offer 5% annual interest for our members, as well as EIS.
Please note that if you are considering investing then we must receive the money by the close of play on Friday 27th November.
We are only now accepting payment by bank transfer, but some are taking a few days to reach us so it’s important that you act a soon as possible in order to ensure your investment qualifies for EIS. To join click here.