The Management Committee believe that Frittenden Community Stores Limited could qualify for Social Investment Tax Relief (SITR). This is designed to help small, early stage companies raise equity finance by offering tax relief to tax-paying individual investors, who purchase new shares in or provide loans to community enterprises.
Eligible investors would be entitled to tax relief through the SITR scheme at a rate of 30% on their investment. The shares must be held for a period of three years from the date of issue for the relief to be retained, but the relief is available from year one.
No guarantee can be given that HMRC would approve our application and the application cannot be made until the venture has been trading for four months.
Nevertheless, if there is sufficient interest, ‘advance assurance‘ can be applied for to establish an agreement in principle.
For further details of SITR, please click here.