Excellent, with a bit of luck most of us will be dead by the time they stop working.CrofterMannie wrote: ↑Mon Feb 14, 2022 2:07 pm FYI Farr windfarm is an older generation of turbine (commissioned in 2006).
Last year they applied for planning permission to extend operations from 25 to 35 years and they are expecting to operate for the additional 10 years without any significant upgrades.
If a bunch of creaky old turbines can do 35 years they you would hope that your shiny new ones could too.
No reason why these units cannot run for 35 years and then hopefully be fitted with whatever superduper turbines they have then. The concrete, masts and access road will all continue to have value as will the cables.nowty wrote: ↑Mon Feb 14, 2022 2:22 pmExcellent, with a bit of luck most of us will be dead by the time they stop working.CrofterMannie wrote: ↑Mon Feb 14, 2022 2:07 pm FYI Farr windfarm is an older generation of turbine (commissioned in 2006).
Last year they applied for planning permission to extend operations from 25 to 35 years and they are expecting to operate for the additional 10 years without any significant upgrades.
If a bunch of creaky old turbines can do 35 years they you would hope that your shiny new ones could too.
Just got a reply from the FD. In summary, they don't know how the 'trading benefit' will be treated, but it is definitely taxable and will be reported annually by Ripple to HMRC if over £15. So it could be interest income or it could be self-employed income. Ripple are looking to open a dialogue with HMRC.nowty wrote: ↑Mon Feb 14, 2022 2:39 pm Well even I am stumped now, but I am sure their finance director will clarify.
From the WT1 share document,
From a tax perspective the trading benefit (but not the repayment of share capital) is treated as interest. It will count towards your annual interest allowance, which means you may need to declare it as part of your tax return.
From the WT2 share document,
Current legislation provides taxpayers £1,000 as trading allowance which may be available to members to reduce any potential tax liability. Since savings will be paid gross, it will be the individual responsibility of members to declare this income as interest on their tax returns if they are required to do so. Applicants should consider obtaining professional tax advice if they are unsure of their position.
And there are two separate £1000 allowances,
Interest
https://www.gov.uk/apply-tax-free-interest-on-savings
Trading
https://www.gov.uk/guidance/tax-free-al ... ing-income
EDIT - I think its all classed as interest as the trading thing seems to be about buying and selling stuff, i.e. doing individual trades.
EDIT2 - There is also another bit in the WT2 share document saying, "(considered as interest for tax purposes)"
So I think the words "trading allowance" in appendix 5 is badly worded.
Interested to hear the outcome Malc. I thought the contract for year 1 from Ripple wt1 was locked in with Octopus already?Mojomal wrote: ↑Mon Feb 14, 2022 9:17 pm I was just going to purchase some more watts and noticed on the Dashboard that my original 1st year wind farm savings for my 4,000 kWh has reduced to £212 from £380 (9.5p kWh down to 5.3p kWh). They made great hype back on the 14th January that the savings would increase to 9.5p kWh from 4.5p kWh. has anybody else noticed this. I have sent a message to Ripple questioning this and am waiting a reply, normally there is somebody online in the evenings to answer questions but not today. You would have thought that they would have announced this reduction especially today. Or could it be genuine mistake.
Malc.
