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Big Society Capital welcomes the Chancellor’s commitment to introduce tax incentives for social investment
Big Society Capital (BSC), the world's first social investment bank, today welcomes the commitment made by the Chancellor, the Rt Hon George Osborne MP, to confirm a new tax relief by the Autumn Statement this year. Big Society Capital looks forward to contributing to the coming consultation on the nature and scope of tax incentives, following on from the recent report it commissioned with the City of London Corporation on the role of tax incentives in encouraging social investment.
Nick O’Donohoe, Chief Executive of Big Society Capital said:
“The Chancellor has today given a very welcome commitment to make changes to the tax system that we believe can stimulate significant additional investment in social enterprises. The Government has shown a consistent commitment to developing a vibrant social investment market in the UK and this latest measure represents a considerable boost for social entrepreneurs and community organisations, up and down the country, that are looking to raise capital. The Chancellor is rightly addressing the anomaly that there are tax breaks for many areas of risk capital investment, and tax breaks for charitable donations, but no tax breaks for those who want to invest risk capital in business whose primary aim is to improve society.”