We are delighted to inform you that we have now received advance assurance from HMRC that our share offer qualifies for Seed Enterprise Investment Scheme tax relief.
This is a 50% tax credit so you should, if you pay enough tax, be able to get back half of your investment.
For example, if you have applied for (or are about to apply for!) £1,000 in shares you should be able to reduce your UK income tax bill by £500 (provided you have paid, or will pay, at least that amount of tax in this current tax year and the year before combined) . We expect to be able to issue to you a certificate (SEIS3) a few months after the shop has started trading to enable you to claim the tax credit.
We will provide more guidance on how to claim the tax credit when we issue the SEIS3, but we are unable to provide personal tax advice and each investor is responsible for satisfying themselves as to their eligibility for any tax reliefs. Please also see www.gov.uk for more information on the rules concerning the income tax credit and other SEIS related tax reliefs available.
If you haven’t applied for shares already, hopefully this provides another good reason to do so. If you have already applied, but would like to buy some more based on this news, this is also great – just complete another share application form and we will combine the two applications together.
The share offer remains open until June 9 unless we hit the £52,000 target before then!