You are here
Big Society Capital launches free package of support on SITR to help charities and social enterprises ‘GET IT’
One year since the introduction of Social Investment Tax Relief (SITR), Big Society Capital has today launched GET IT to support more charities and social enterprises to understand and make use of the tax break.
SITR is designed to encourage individuals to invest in charities and social enterprises by providing a 30% tax break.
Organisations will now be able to access a free package of support ranging from education to expert advice by signing up to GET IT.
Nick O’Donohoe, CEO of Big Society Capital, said:
“Over the last year, we have a seen a number of charities and social enterprises use SITR to scale up their activities and increase their impact. It is encouraging to see the diversity of deals taking place ranging from tackling youth homelessness to building assets for local communities. We want to help even more organisations take advantage of the opportunity presented by the relief.”
Four organisations have used SITR to raise investment and support their activities:
- FC United of Manchester is a supporter-owned football club and had been without their own ground since 2005. It raised £270,000 using SITR to build a new 5,000 capacity stadium and set up community facilities in Moston, North Manchester, one of the most deprived areas of the UK.
- FareShare South West is a Bristol-based charity which works with the food industry to minimise in-date food going to waste. It raised £70,000 to expand its catering arm supplying food to over 130 community organisations and offer work experience for vulnerable individuals excluded from the job market.
- Two social impact bonds (SIBs) have also been supported by the relief. The Ambition East Midlands and Aspire Gloucestershire SIBs raised a combined total of £910,000 using SITR to enable four charities to work with 500 young people who are homeless or at risk of homelessness.
Jacqui Reeves, CEO of FareShare South West, said:
“We needed investment to scale up our activities and reach more with vulnerable individuals in and around Bristol. SITR has made a real difference by enabling us to grow quickly and support an ambitious business plan. We encourage other charities and social enterprises to find out how they can benefit as well.”
The maximum investment into an individual organisation using SITR is currently approximately £270,000 over three years.