The Drumlin Wind Energy Co-operative has received confirmation from HMRC that the shares in Drumlin Wind qualify for EIS tax relief. As an investor in Drumlin Wind, you will be eligible to claim relief on your income tax. The relief is 30 per cent of the cost of shares (minimum £500), to be set against your income tax liability for the tax year in which the investment was made. An EIS3 claim form will be issued once Drumlin Wind has been trading for four months.
Drumlin Wind will send you an EIS3 form which you will then submit to HMRC. The tax relief can be claimed against your Self Assessment tax return for the tax year in which the shares were issued or an adjustment to any Self Assessment payment on account due. You will have to make the claim itself on your tax return when you get it. If you pay your income tax through PAYE you can request a change to your tax code. Claims to relief can be made up to five years after the first 31 January following the tax year in which the investment was made.
For more information please visit www.hmrc.gov.uk/eis