A GROUP planning to turn and old Pembrokeshire ironmongers into a community shop is now a step closer to the goal.
The Siop Havards Project committee members are aiming to secure the £330,000 to buy the Havards ironmongers shop in Newport and within six weeks of launching the community share offer, they have already raised £132,000.
Alongside this, the HMRC has given the group ‘advance approval’ for the Social Investment Tax Relief, meaning that investors are able to claim 30 per cent of their investment against tax through their tax return on the first year the shop trades as a community shop.
HMRC has also confirmed a deferral of a Capital Gains Tax charge if profits are reinvested into a social enterprise and after at least three years, the Social Investment Tax Relief qualifying investments can be sold or given away without paying capital gains tax if those investments have gained in value.
Siop Havards Project secretary, Chris Morgan, said: “It is great that HMRC has given us this advance assurance that we will be eligible to offer the 30 per cent tax relief to our investors, but we have only been given SITR for the first £300k invested so please don’t delay if you would like to support the project and receive the tax relief.
“Remember, if the purchase of Havards is successful, investors could potentially earn interest up to four per cent of their share value per annum, plus 30 per cent tax relief on any sum invested.
“Siop Havards is a profitable business and we’re planning for growth: our business plan for the future, community owned Havards, forecasts increased profitability through extending the trading space and product ranges and innovative marketing.”
The committee said that there has been a wide amount of support from a range of people including singer Cerys Matthews and the residents of Newport agree that the shop is an important commercial asset for the area.
Shares cost £1 each and instalments are available for amounts from £200 and over. Anyone who would like to know more can visit www.siophavards.cymru or email firstname.lastname@example.org