Social Enterprises: Tax Allowances

Treasury written question – answered on 12th February 2021.

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Photo of Simon Jupp Simon Jupp Conservative, East Devon

To ask the Chancellor of the Exchequer, whether he plans to extend Social Investment Tax Relief beyond April 2021.

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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