As part of our campaign to raise awareness about Social Investment Tax Relief (SITR), we teamed up with social enterprise Breadshare to show just how simple it is. If you don’t know about SITR or not sure how it works, Breadshare’s chief baker explains literally by using his loaf!
Like Geoff, we are excited that SITR can offer a new way for charities and social enterprises to raise investment by offering a 30% tax break to investors.
This is why we launched the GET SITR campaign and we’re delighted to be collaborating with some great sector partners; Power to Change, the CIC Regulator and the CIC Association, the Community Shares Company and the Community Shares Unit to raise awareness of what SITR is!
Here’s why they think ensuring more social enterprises and charities know about SITR is essential:
Our vision is to create better places through supporting community businesses. Tax relief can be an important incentive for community investors to invest in new and high-risk enterprises, and many community businesses are exactly this. We are delighted to support the GET SITR campaign to raise awareness and uptake of SITR, helping more community businesses to get more money from the right people, on the right terms for them.
Ged Devlin, Power to Change
We welcome the Social Investment Tax Relief (GET SITR) initiative and view it as a game-changer to bring much needed capital into the sector. Encouragingly, CICs appear to represent approximately a quarter of recent SITR deals by number and volume of investment - an encouraging development.
Ceri Witchard, Regulator of Community Interest Companies
The CIC Association believe that better informed leads to better able and we are delighted to collaborate on this initiative, particularly as SITR uniquely provides a tax relief for both debt and equity investments. SITR could help deliver the transformative social investment economy that we all need and CICs have a big role to play in making that transformation a reality.
John Mulkerrin, CIC Association
We’ve seen SITR help community businesses raise the finance they need to become sustainable organisations and are keen to see more organisations use it to do the same. It’s a powerful tax relief that’s often overlooked, misunderstood or simply unknown, and so this campaign is something we’re delighted to support.
Dave Boyle, The Community Shares Company
We’re thrilled to be involved in this initiative as the Community Shares Unit believes that Social Investment Tax Relief is an important enabler for community share offers. We’re keen to see more community share offers utilise SITR, as it both reinforces the “investment” nature of community shares while being suitably socially-aligned to recognise the community benefits that result from funding enterprise in this way.
Simon Borkin, The Community Shares Unit
Want to know more?
Head to our GET SITR campaign for guidance and resources as well as case studies from a range of charities and social enterprises who have already used SITR. You can also find upcoming events from webinars to free specialist tax support surgeries where you can learn more about SITR.