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<p>The Social Investment Tax Relief (SITR) was introduced in 2014 to encourage risk
finance investments in qualifying social enterprises. HMRC statistics show that up
to 2018-19, about 110 enterprises have used the scheme to raise £11.2 million.</p><p>
</p><p>At the Budget on 3 March, the Government announced that SITR would be extended
for two years, until April 2023, to continue support for qualifying investments into
social enterprises. SITR will be extended with its current eligibility rules and targeting,
to ensure that the scheme continues to focus on higher risk social enterprises that
face the greatest difficulties in accessing finance.</p><p> </p><p>The Government
keeps all taxes and reliefs under review in order to ensure they continue to meet
policy objectives in a way that is fair and effective. The Government previously published
a Call for Evidence in 2019 on SITR’s use to date. The Government will publish a Summary
of Responses to this on 23 March.</p>
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