Social Enterprises: Tax Allowances

Treasury written question – answered on 6th March 2020.

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Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of Social Investment Tax Relief.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the loss of the Social Investment Tax Relief to social enterprises after the sunset clause is reached in 2021.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment he has made of the availability of social investment tax reliefs to investors in the UK.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment he has made for the implications of his policies of Big Society Capital’s 2019 data on the (a) size and (b) quantity of deals made using the Social Investment Tax Relief.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of Social Investment Tax Relief in increasing investment in (a) SMEs and (b) start-ups.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what representations his Department has received on extending the Social Investment Tax Relief consultation.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what information his Department holds on the effect the Social Investment Tax Relief has made on community businesses.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what plans he has to make a comparative assessment of the support available to social businesses compared with for-profit businesses.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of Social Investment Tax Relief on bringing new investors and capital into social enterprises and charities.

Photo of Alex Sobel Alex Sobel Labour/Co-operative, Leeds North West

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of Social Investment Tax Relief on the affordability of capital for eligible social enterprises and charities.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

The Government keeps all taxes and reliefs under review to ensure that they continue to meet policy objectives and represent value for money for taxpayers.

In 2019, the Government comprehensively reviewed the Social Investment Tax Relief (SITR), in line with commitments made when SITR was enlarged in 2017.

As part of this review, the Government published a Call for Evidence in April 2019, which ran for 12 weeks.

The Call for Evidence examined SITR’s effectiveness at incentivising individuals to invest in social enterprises, and its impact on the social investment and enterprise markets. A list of questions asked in the consultation can be found here: https://www.gov.uk/government/consultations/social-investment-tax-relief-call-for-evidence/social-investment-tax-relief-call-for-evidence.

The Call for Evidence received responses and evidence from a range of interested parties, including social enterprises, charities, community businesses, investors, and intermediaries.

A Summary of Responses to the Call for Evidence will be published in due course.

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