We hope you will all agree it has been worth the wait!
The White Lion in Ash re-opens tonight 14 May at 6p.m. to welcome existing and new customers. Until the end of the month we will be serving drinks only as we continue to work on refurbishing the kitchen and restaurant areas.
For the next 2 weeks our opening hours are Monday to Thursday 6 - 11 p.m. Friday and Saturday 12 -12 and Sunday 12 -7 p.m.
Please be aware that our fantastic team of volunteers will be working through the week and at weekends so come and see work in progress and what has been achieved and what has still to be done as you enjoy a drink in our new bar or outside in the sun! We look forward to seeing you.
Funding to date
To date we have raised an incredible £205,000 from the local community and have received £120,000 in grant and loan funding which means we are able to buy The White Lion. BUT we still need £20,000 to provide working capital to meet initial running costs. This could be met by loans that have to be paid back but we would prefer to raise the money by share sales or donations.
We are delighted to announce to all share buyers that HMRC have sent a letter confirming advance assurance for the SITR tax relief scheme.
If you are in a position to buy a share or to increase the investment you have already made please:-
Email: [email protected]
Telephone 01948 667903
or fill in and return a shares application form. These can be collected from the bar at The White Lion or downloaded from this website.
Share Purchase Tax Relief
As you know we have now received advanced assurance from HMRC that the investors in the White Lion Community Pub Limited (the Community Benefit Society) will be able to qualify for Social Investment Tax Relief. To get this relief we will issue compliance certificates to investors. You can then make a claim in your tax return to HMRC, alternatively, if you do not file tax returns and pay tax via PAYE you will need to write to HMRC to request a refund or change your tax code to account for your reduced tax liability.
There will be a number of requirements that investors will need to meet e.g. you must pay tax to the level being claimed. There are also a number of exemptions that may apply to a small number of investors too.
Having SITR Advance Assurance from HMRC is a great boost for our campaign to Save the White Lion and we hope will encourage investors to consider if they can increase their shares purchase or to make a small donation.
More information can be found at https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors If you have any specific questions then please email us at [email protected] and we will try to answer your query. Where the question and answer is of interest to a wider audience we will post this on the website and include in future communications
The following are the main areas where SITR applies.
Income Tax Relief
your personal tax bill can be reduced by 30% of your investment i.e. you are entitled to income tax relief amounting to 30% of the value of shares you purchase in the pub. You can have this tax relief either in the year of your investment or the previous tax year. (subject to you owning the shares for at least 3 years)
Capital Gains Tax (CGT) Deferral
you could potentially pay £nil capital gains tax i.e. you can defer your capital gains tax by investing the gain in the purchase of shares in the pub or loaning it money. The capital gains tax only becomes payable when you redeem your social investment (which is potentially never). To get the relief the initial investment in the pub shares must occur no more than 3 years after (the disposal liable to CGT) or one year before.
Income tax relief if you loan money to the White Lion Ash Community Pub Limited
if you loan the pub money you can deduct 30% of the value of the loan from your personal tax liability. This is subject to the loan not being secured against any assets and not being repaid within the first 3 years. Interest on the loan mustn't be in excess of the commercial rate of interest.
Capital gains tax exemption
providing you got income tax relief when you first bought shares in the pub, the disposal of the shares (if ever) is exempt from Capital Gains Tax.
We hope the above is of help..
We are aiming to raise £370,000 to purchase and refurbish The White Lion as a community-owned enterprise, with a minimum amount of £220,000 to be raised by shares. A maximum target to be raised by shares of £300,000 would enable us to undertake a greater degree of refurbishment and create some working capital.
If wish to purchase shares.
Don't worry you can still buy Shares by downloading " the Share Purchase Application form" from this website or if prefered Telephone 01948 667903 for one to be sent out to you
All donations whatever there size and fund raising ideas are extremely welcome, please telephone 01948 667903 or Email
Funds have been raised with the help of the Plunkett Foundation in the form of a grant and loan, while members of the community have made donations and bought shares.