The Save the Baydon Lion team will be holding a Q&A surgery at BYPA Hall in Baydon on Saturday 5th August from 3pm to 7pm to answer any questions you may have regarding bringing the Red Lion pub into community ownership and the current business plan. The team will be available to answer your questions as well as an opportunity to confirm your investment or register your pledge.
Alternatively if you would like to arrange a personal meeting to discuss your investment further please contact the team through their website and this can be arranged at a suitable time.
- The Tax office (HMRC) has qualified our plan for the Baydon Lion Community Pub
- We qualify for Enterprise Investment Scheme (EIS) status
- Investors (who are eligible to pay tax) will get 30% tax rebate on their investment.
- We are happy to announce that we have received official notification that our plan for the Red Lion community pub purchase will qualify the new company (Red Lion Community Pub Ltd) for EIS status.
- EIS status gives investors a 30% refund of their investment from their income tax bill with HMRC. It also means that any profit from sale of the shares, after three years, will be free of capital gains tax. To qualify you need to be a UK tax payer and further information is outlined below.
The following information is abridged from the HMRC web site:
Tax relief is available to individuals who subscribe for shares in an EIS. Relief is at 30% of the cost of the shares, to be set against the individual’s Income Tax liability for the tax year in which the investment was made.
There is a ‘carry back’ facility which allows all or part of the cost of shares acquired in one tax year, to be treated as though those shares had been acquired in the preceding tax year. Relief is then given against the Income Tax liability of that preceding year rather than against the tax year in which those shares were acquired.
The shares must be held for a certain period or Income Tax relief will be withdrawn. Generally, this is 3 years from the date the shares were issued.
If you have received Income Tax relief on the cost of the shares, and the shares are disposed of after they have been held for the period of three years any gain is free from Capital Gains Tax.
The share application form can be downloaded from http://savebaydonlion.uk so don’t delay, apply now. We will shortly begin negotiations to purchase the pub.
You will appreciate this is a very sensitive time and we will be giving potential shareholders/investors time to reflect and ask questions. We aim to be publishing the business plan in the next few days. The delay in issue has been as a result of the pending HMRC review – so good news is worth waiting for!
All share application money is to be held in client funds and, if the purchase does not proceed before share certificates are issued, a full refund will be made to investors.
Before any instructions are made to proceed with a purchase, all shareholders and investors will be provided with an opportunity to understand the small print so everyone is clear about any risks and benefits.
The Save Baydon Lion Team is a not for profit group of volunteers working together to bring the Red Lion pub into community ownership for the benefit of the people and village of Baydon.
For more information about the background to this campaign, please click here.
For more info contact:
Mob: +44 (0) 7795 288302
Email: [email protected]