camelot-forum.co.uk

I have spent an informative morning studying the Co-operatives UK website ( https://www.uk.coop/ ) and in particular their Community Shares Handbook https://www.uk.coop/resources/community-shares-handbook .

Without doubt Ripple have set up the ownership of WT1 and its 70% of WT2 in accordance with the principles contained in the Handbook. Chapter 6 deals share interest and the use of surplus or profit. Specifically it allows co-operative societies to pay distributions of dividends to their members.
Ripple have decided that interest will not be paid on the share capital of their co-ops. Rule 13.1. Ripple's co-ops are allowed to pay dividends to members, either equally or in accordance with some equitable formula which recognises the relative contribution made by each Member to the business of the Society. Rule 47.1 (d). Ie a rebate in proportion to the ‘watts’ owned in the Society.

The handbook discusses the taxation of interest and dividends paid by co-ops to their members Chapter 8). It states:

"For co-operative societies where the dividend is based on retail purchases of members, the dividend is effectively a discount on the purchase price and is not treated as taxable income. But for a co-operative society where the dividend is based on sales or purchases by members, such as members of an agricultural co-operative, then the dividend is a receipt of the member and is taxable income."

I consider that the first premise applies. Members are making a retail purchase of electricity and the distribution is shown on our electricity bills as a reduction in the purchase price and should not be treated as taxable income. Ripple have taken measures to ensure that the amount of electricity provided to each member is proportionate to their requirements (the 120% limit).

Thus, I consider that there is a strong case for arguing that the income is all non-taxable and should not be reported as interest income or trading income on tax returns.

John_S wrote: ↑Fri Feb 18, 2022 2:36 pm "For co-operative societies where the dividend is based on retail purchases of members, the dividend is effectively a discount on the purchase price and is not treated as taxable income. But for a co-operative society where the dividend is based on sales or purchases by members, such as members of an agricultural co-operative, then the dividend is a receipt of the member and is taxable income."

I consider that the first premise applies. Members are making a retail purchase of electricity and the distribution is shown on our electricity bills as a reduction in the purchase price and should not be treated as taxable income. Ripple have taken measures to ensure that the amount of electricity provided to each member is proportionate to their requirements (the 120% limit).

Thus, I consider that there is a strong case for arguing that the income is all non-taxable and should not be reported as interest income or trading income on tax returns.

There is no correlation between the rebate and the customers purchase of leccy. I could go away for a year and turn my electricity supply switch off and still get the rebate in full, the rebate is based on my share of generation, nothing else. Neither is there any discount on any tariff, they thought about that and discounted it early on way before launching the WT1 share offer.

The 120% limit has been confirmed by ripple that they are attempting to align the tax free status of income from domestic microgeneration which has a 120% limit of your normal personal use. This has been mentioned by ripple several times including at the AGM.

I talked about it here,
https://camelot-forum.co.uk/phpBB3/view ... =380#p5527

And its also been covered in the AGM here,
https://camelot-forum.co.uk/phpBB3/view ... =390#p5590

Get your names on the wind turbine:

We wanted to celebrate this incredible moment with you. We are creating a video where the names of the Graig Fatha members are displayed on the turbine to capture the moment of energisation. This is an opportunity for you to see you or your family's name displayed clearly on the turbine for you to proudly keep and share.

Fintray wrote: ↑Fri Feb 18, 2022 6:16 pm Get your names on the wind turbine:

We wanted to celebrate this incredible moment with you. We are creating a video where the names of the Graig Fatha members are displayed on the turbine to capture the moment of energisation. This is an opportunity for you to see you or your family's name displayed clearly on the turbine for you to proudly keep and share.

Beat me to it! I liked the rest of the news (though there's always a reason to wish it had gone better)

The plan from now
Weather permitting, the plan is for the electrical connection to be made live on 6th March. The following week the turbine manufacturer, Vensys, will carry out the commissioning works. This involves testing all the different systems to ensure it will function safely and efficiently.

After this is completed, your turbine will begin running for a final testing period. This requires over one hundred hours of generation. If no issues are detected, the turbine will then be handed over to us. The officially start of operation should be around 15th March!

I'm quite annoyed that it was agreeing wayleaves that stopped the connection going forward several months ago... Presumably the landowners wanted their pound of flesh!
I would hope that as a windfarm is a utility creating a public good, the planning arrangements would push it through and impose fair but reasonable terms on the landowners. Mind you, that's the sort of thing which might happen in France or some other centralised state, but it won't happen here in "the land of the free!"
A

Ripple have also stated which I admit had me wondering how they deal with all this wind when not generating,

Storm Eunice
In case you were worried about the turbine in Storm Eunice - its blades are feathered so as to minimise the amount of wind they catch so it's turning very, very slowly, exactly as it should.

AE-NMidlands wrote: ↑Fri Feb 18, 2022 6:27 pm

Fintray wrote: ↑Fri Feb 18, 2022 6:16 pm Get your names on the wind turbine:

We wanted to celebrate this incredible moment with you. We are creating a video where the names of the Graig Fatha members are displayed on the turbine to capture the moment of energisation. This is an opportunity for you to see you or your family's name displayed clearly on the turbine for you to proudly keep and share.

Beat me to it! I liked the rest of the news (though there's always a reason to wish it had gone better)

The plan from now
Weather permitting, the plan is for the electrical connection to be made live on 6th March. The following week the turbine manufacturer, Vensys, will carry out the commissioning works. This involves testing all the different systems to ensure it will function safely and efficiently.

After this is completed, your turbine will begin running for a final testing period. This requires over one hundred hours of generation. If no issues are detected, the turbine will then be handed over to us. The officially start of operation should be around 15th March!

I'm quite annoyed that it was agreeing wayleaves that stopped the connection going forward several months ago... Presumably the landowners wanted their pound of flesh!
I would hope that as a windfarm is a utility creating a public good, the planning arrangements would push it through and impose fair but reasonable terms on the landowners. Mind you, that's the sort of thing which might happen in France or some other centralised state, but it won't happen here in "the land of the free!"
A

People as a rule don't give one hoot. Self-centred egotistical circling only themselves inside the cranium The true game is to have enough in yourself to see how it could be, act and whenever you can protect the weak. I've done that my whole life.

Nowty, are you still adding to the secret WT2 list?

Today I purchased another 640 watt's to add to our 1500 watt's from WT1. This should give us a total of 6000 kWh although we only use around 4000kWh/yr and we only import 800 kWh from the grid. Solar and battery supply the rest. Last year our solar produced a little over 7500 kWh. We only started on Octopus Go in the autumn and it works well with our battery.

So I've probably bought too much so I better get an EV next year.....

We still use oil for heating, no gas and we live in the sticks.

I also bought my daughter 1200 watt which should give her 3,800 kWh, her annual usage is only 2100 kWh. Hopefully if there is any tax involved for her it will be minimal.

Malc.

Mojomal wrote: ↑Fri Feb 18, 2022 9:40 pm Nowty, are you still adding to the secret WT2 list?

To be honest, I've sort of given up adding to it, but for your info (and everybody else's as you've admitted it) you were already on both my secret WT1 and WT2 list.

nowty wrote: ↑Fri Feb 18, 2022 9:47 pm

Mojomal wrote: ↑Fri Feb 18, 2022 9:40 pm Nowty, are you still adding to the secret WT2 list?

To be honest, I've sort of given up adding to it, but for your info (and everybody else's as you've admitted it) you were already on both my secret WT1 and WT2 list.

Kinda cool though...

Have not been able to drag my wife to the site & now the fricking watts slider has disappeared!

To show her "variables"

There is no variable other than the "quote" I left the slider on. (have been searching for it for days) as I wanted to buy some then more later as part of a managed purchase.