Social Enterprises: Tax Allowances

Treasury written question – answered on 12th February 2021.

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Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the evidence from HMRC that a rise in the number of Social Investment Tax Relief investments during 2018-19 may be due to increased awareness of SITR resulting from the Government’s consultation on the scheme in summer 2018.

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

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 in 2019 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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