The Hive Live have applied for Advance Assurance from HM Revenue and Customs (HMRC) that the shares in The Hive are eligible for tax relief under SITR.
HMRC is expected to share the outcome of their decision toward the end of June. Subscribers to the share issue will be informed about the outcome of this decision, when The Hive has this information.
As long as you are a UK taxpayer, you are eligible for tax relief on your investment subject to HMRC rules on eligibility, as long as you leave your shares in the Society for at least three years.
Individuals making an eligible investment can deduct 30% of the cost of their investment from their income tax liability, either for the tax year in which the investment is made or the previous tax year (if 2014/15 or later). The investment must be held for a minimum period of 3 years for the relief to be retained.
If individuals have chargeable gains in that tax year, they can also defer their capital gains tax (CGT) liability if they invest their gain in a qualifying social investment. Tax will instead be payable when the social investment is sold or redeemed. They also pay no CGT on any gain on the investment itself, but they must pay income tax in the normal way on any dividends or interest on the investment .
The actual amount of tax relief you can claim will depend on your personal tax circumstances .