Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether it remains his policy to make a decision on the future of Social Investment Tax Relief in Autumn 2020.
The Social Investment Tax Relief (SITR) is intended to address a specific access to finance market failure for social enterprises by incentivising individuals to invest in these ventures.
The scheme is intended to support a broad range of social enterprises, with a variety of social missions and community benefits. SITR is not designed directly to encourage employment or to support particular geographical areas: qualifying social enterprises are free to use SITR wherever they are in the country in whatever way they determine is best for their growth and development.
The Government committed to a full review of SITR within two years of its expansion, and published a Call for Evidence last year on the use of the scheme to date. A Summary of Responses will be published in due course alongside a decision on the policy’s future.