Over 30,000 social enterprises and charities could benefit from Social Investment Tax Relief (SITR), suggesting vast untapped potential, according to research undertaken by Big Society Capital, and backed by the Department for Culture, Media and Sport.
The increase in the amount that younger charities and social enterprises can raise through Social Investment Tax Relief (SITR) to £1.5 million, announced in the Autumn Statement, is encouraging says Big Society Capital.
Charities and social enterprises have received £3.4m in two years thanks to Social Investment Tax Relief (SITR) recently introduced by the Treasury, according to research conducted by think tank NPC for Big Society Capital.
The Chancellor of the Exchequer today announced in the Autumn Statement that the Government is proposing to increase the investment limit of Social Investment Tax Relief (SITR) to £5 million and extend its scope by consulting on the introduction of Social Venture Capital Trusts.
Big Society Capital welcomes the Government's commitment to establish a social investment tax relief. We believe it is an extremely timely intiative with the potential to transform the social investment market.