Social investment tax relief extended
The social investment tax relief was due to close on 5 April 2021. However, following a government consultation it has been extended. What's happening with it?
Social investment tax relief (SITR) offers private investors an incentive to fund qualifying "social enterprises", either via a subscription for shares or by making a loan to the entity. A social enterprise is defined as any of the following:
- a community interest company;
- a community benefit society that is not a charity;
- a charity; or
- an accredited social impact contractor.
For SITR purposes, a charity can have the legal form of either a company or a trust.
The reliefs are broadly modelled on the Enterprise Investment Scheme, and were due to end after 5 April 2021. However, following consultation, the government has extended the end date to 5 April 2023 instead.
Guidance on the scheme is available here.
Related Topics
-
VAT cut for children's holiday activities over summer
The government has announced a temporary reduction in the rate of VAT applying to certain children's holiday activity programmes during the summer holidays. The measure is intended to help families with childcare costs during the school break. What has changed?
-
HMRC launches new R&D advance assurance process
HMRC has introduced a new advance assurance process for research and development (R&D) tax relief claims, aimed at giving eligible companies greater certainty before submitting a claim. What does the new process involve?
-
Judge criticises use of fabricated AI-generated cases in HMRC appeal
A tax tribunal judge has criticised the use of apparently fabricated case references generated by artificial intelligence in an appeal against HMRC. The incident highlights growing concerns over the use of AI tools in legal and tax proceedings. What happened?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.