BINGO!!

Congratulations to one and all, an excellent response.  Thanks to contributions made at a well attended open meeting in St Joseph’s Hall on 25th and a last minute rush of postal applications Harlaw Hydro now has 207 members who between them have contributed all that was asked for. The Share issue closes on Friday 28th.

First Share Issue Completed

The first share issue has now been completed and certificates are either with the relevant members or are in the post.  This issue relates only to the applications that are expected to be eligible for the government’s SEIS (Seed Enterprise Investment Scheme).  Once the requirements of SEIS have been fulfilled the remaining shares will be issued, likely to be in the late autumn.

£250,000 and Rising

Another milestone past with over 80% of the target amount raised from 158 members all concerned should be congratulated and encouraged.

City of Edinburgh has successfully completed the lining of the lower outflow from the dam, another prerequisite to us starting work and work is well underway on a tender document for the appointment of a contractor.

Great News for Tax Payers

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.