Finance will be raised from within the community served by the Community Benefit Society that is being established, to be called GigaFAST. It will then become possible to offer Community Shares (Read more about them on our F.A.Q.s page.
Investing is something each person must assess for themselves as we can offer neither advice nor recommendations about this. Anyone can become an investor, whether taking the service or not, but at this time pledges of investment are being sought.
A Community Benefit Society is sometimes described as being similar to a co-operative society. The difference is that while a co-op will share out any surplus made amongst its members, the surpluses from a community benefit society, may only be spent on projects that are of benefit to the community it serves. That is why a CBS is sometimes described as a "not for profit" organisation, as no individual may profit from the any surpluses that are made by the society, only the community as a whole.
Our expectation is that any surpluses made in the early years of the society will be used to expand the network rather than spend on other local projects.
The following is a summary:
- There is a minimum shareholding of £100 and a maximum of £100,000.
- Shareholders will be members of the Society with a single vote regardless how many shares are held by that member.
- Shares must be held for a minimum of three years.
- Individual investors can claim 30% tax relief (under the HMRC Enterprise Investment Scheme).
- After Year 3, interest of 5% can be paid out or the sum reinvested in further shares.
- Shareholders who invest £1,500 may claim a free connection worth £150.
- Shares can only ever be sold back to GigaFAST at their original value of £1 each.