Brixton Pound notes are vouchers which can be bought for their equivalent face value in Sterling. B£ are not exchangeable back to sterling, however registered business members may redeem any B£ which they receive, by contacting B£ or visiting one of our exchange points.
Businesses and traders who are members of the B£ scheme accept the B£ notes at their discretion. The B£ is NOT legal tender and does not constitute a promise to pay the bearer on demand.
Any goods or services traded for B£ will attract income/corporation tax and VAT just as if they were traded for sterling cash or other recognised payment methods. The B£ scheme does not exempt businesses or traders from their responsibilities regarding taxation.
The B£e scheme (B£ E-currency or “Pay-by-text”) is exempt from the 2011 small e-money provider regulations as it operates within a delimited area (“Brixton”). The B£e scheme does not constitute deposit-taking, and members may not exchange their B£e back to sterling.
Businesses who are members of the B£e scheme may redeem any credit which they receive, in return for a fee.