Social Enterprises: Tax Allowances

(asked on 25th January 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans he has to continue the Social Investment Tax Relief scheme beyond March 2021.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 29th January 2021

The Social Investment Tax Relief (SITR) was introduced in 2014 to incentivise risk finance investments in qualifying social enterprises and charities. HMRC statistics show that up to 2018-19, about 110 enterprises have used the scheme to raise £11.2 million.

The Government keeps all taxes and reliefs under review in order to ensure they continue to meet policy objectives and represent value for money for taxpayers. The Government previously published a Call for Evidence on SITR’s use to date. A response to the consultation will be published in due course and a decision on SITR’s future will be announced at the Budget ahead of its sunset clause in April 2021.

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