The social investment tax relief (SITR) introduced in the Finance Act 2014 was the first in the world to incentivise social investment through the personal tax system. The government has made further progress in increasing opportunities for investment in social enterprises.
The specific measures announced in Budget 2015 are:
- rates of relief for the Social Venture Capital Trust Scheme (Social VCT)
- changes to the way SITR funds are classified so that they can be promoted more effectively
- a transitional period for community energy schemes moving from tax-advantaged investment under the venture capital schemes to SITR