Advance Assurance that Harlaw Hydro will be accepted into the Enterprise Investment Scheme (EIS) has been received. EIS was introduced by the UK government to encourage investment. The encouragement comes in the form of a tax relief of 30% of any investment made in a qualifying company or society. There are of course conditions:-
- The investor must invest at least £500 and leave the money invested for at least 3 years after the company or society starts trading.
- The investor must have paid, or be liable to pay, the tax.
- The company or society must spend the investment on the enterprise promised. (70% spend is required before a claim can be made).
NB If you are in any doubt then consult your financial adviser and/or look at the HMRC website.