The voluntary and social enterprise sector alongside the social investment sector have come together to urge Government to act now to extend SITR through the upcoming Finance Bill.
In a letter to the Treasury, they write that a short extension of the relief to April 2023 is critical for channelling capital to social enterprises and charities particularly as they will be first responders to the COVID-19 economic recovery.
In the letter, they write:
"These two years will also give us the breathing space to consider the replacement of the tax relief with something more ambitious which can turbocharge the levelling up agenda and increase investment into these unique forms of business that have a positive social and environmental impact in their communities.
With the appropriate adjustments and with government, social enterprises, investors and experts working together we can develop something even more impactful. But we need time to do this. Given the focus on grappling with COVID-19, we simply do not have enough time to repeal an existing relief and get something new on the books."
"Removing the tax relief during this period of economic uncertainty will send the wrong signals to the market and will put at risk capital that has already been committed to investing into social enterprises, charities and voluntary organisations."
You can read the full letter here.
There are 33 signatories to the letter including:
|Seb Elsworth, CEO, Access: The Foundation for Social Investment|
|Matthew Mckeague, CEO, Architectural Heritage Foundation|
|Oliver Hunt, Associate, Bates Wells|
|Danyal Sattar, CEO, Big Issue Invest|
|Stephen Muers, Interim CEO, Big Society Capital|
|Michelle Giddens, co-CEO, Bridges Fund Management|
|Ed Siegel, CEO, Charity Bank|
|Emma Bridge, CEO, Community Energy England|
|Dave Boyle, Director, Community Shares Company|
|James Proctor, Programme Manager, Community Shares Scotland|
|Tim Coomer, Business Development Manager, Co-operative & Community Finance|
|James Wright, Policy Officer, Coops UK|
|Jason Nuttall, Programme Director, Crowdfunder UK|
|Caroline Mason, CEO, Esmée Fairbairn Foundation|
|Lisa Ashford, CEO, Ethex|
|Sarah Gordon, CEO, Impact Investing Institute|
|Neil Pearson, Partner, Mills & Reeve|
|John Pepin, CEO, Philanthropy Impact & Secretariat|
|James Alcock, CEO, Plunkett Foundation|
|Vidhya Alakeson, CEO, Power to Change|
|Daniel Brewer, CEO, Resonance|
|Lucy Findlay, Managing Director, Social Enterprise Mark|
|Colin Jess, Director, Social Enterprise Northern Ireland|
|Chris Martin, CEO, Social Enterprise Scotland|
|Peter Holbrook, CEO, Social Enterprise UK|
|David Hutchison, CEO, Social Finance|
|Alastair Wilson, CEO, School for Social Entrepreneurs|
|Nick Temple, CEO, Social Investment Business|
|Alastair Davis, CEO, Social Investment Scotland|
|Ben Carpenter, CEO, Social Value UK|
|Bevis Watts, CEO, Triodos Bank UK|
|Mark Norbury, CEO, UnLtd|