Community Energy England working with Community Energy Wales and Community Energy Scotland have served on HM Treasury a ‘Letter before Action in accordance with the Pre-Action Protocol for Judicial Review’ about the proposed changes to Enterprise Investment Scheme and Social Investment Tax Relief for community energy enterprises.
Robert Proctor Business Development Manager of CEW, said
“There have been many announcements from the UK Government in recent months that have had severe impacts on community energy. However, this one came as a bolt out of the blue particularly as previous government statements had suggested that it may go but would be replaced and a satisfactory notice period would be provided. It is a great credit to the Community Energy sector across the UK that they have been able to collectively raise nearly £13 million of investments for Community Energy projects in less than a month, with over £1 million going to 2 Welsh projects. However, there are many who were not able to launch their offers in time who will be affected by these changes. We hope the treasury reconsiders it’s position ”
The letter gives HM Treasury a late opportunity to reconsider its position in the light of the legitimate expectations of the community energy sector following Government statements in the 2015 Budget. These statements indicated that although EIS eligibility would be removed, it would be replaced with tax relief for community energy investors through an expanded Social Investment Tax Relief scheme, which will not now happen.
You can read a full copy of the joint letter here HM-Treasury-Letter-Before-Action-24-Nov-2015
Read more here about the race to raise investment for renewables
This page is also available in: Welsh