On April 24th, HM Treasury (HMT) launched an open consultation, ‘Social Investment Tax Relief: a call to evidence’, which is due to close on 17th July 2019. HM Treasury are seeking the views of organizations and individuals on how the Social Investment Tax Relief (SITR) has affected access to finance for social enterprises.
In its consultation response, Resonance intends to stress the on-going benefits that SITR has unlocked for social enterprises looking to access affordable and flexible growth finance in the UK. At the same time, Resonance will strongly highlight the number of areas in which the SITR scheme remains prohibitive for a number of enterprises, limiting the uptake of the scheme as widely as we know there is demand for, and meaning the potential for SITR has been artificially limited.
Resonance, therefore, intends to recommend a number of modifications are made to the SITR scheme in order to make it more fit for purpose and in order to harness the potential SITR has for scaling the social impact investment market. Our headline recommendations are as follows:
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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