Our AGM was held on June 4th. Our accounts for the year ending 31st December 2012 are now available to view, together with the Chair's report here.
An application has now been made to HMRC for tax relief. MORE Renewables could not apply for EIS until four months after commencing trading i.e. when we started exporting electricity at the end of July. This took us to the end of November. Simon Gershon applied to HMRC for the EIS relief in early December and it will probably be a few weeks before they respond. Investors with 'B' shares can't claim EIS relief before they receive the appropriate certificate from us (form EIS3). HMRC issue these against a list of investors Simon has provided.
Although your investment in MORE Renewables was made in the tax year 2012/13, it is allowable to claim relief for the preceding tax year (see http://www.hmrc.gov.uk/eis/part1/1-2.htm)
There is a 'carry back' facility which allows the 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. This is subject to the overriding limit for relief for each year.
So, although tax relief is theoretically claimable for 2011/12, the timing of the investment means that the necessary forms will not be received in time for investors to be able to claim tax relief in their 2011/12 personal return. We will send the form to enable investors to claim tax relief in due course, assuming that HMRC have no issues with our application.
Some 10 days into the share offer, we have received nearly £25,000 in share applications. The directors expect significantly more people to send in their application form during the next ten days, once they have had a chance to read the offer in full.