SITR is the only tax relief that helps community businesses raise investment. What this means is that without it, community pubs, swimming baths, sports clubs and shops might not exist.
That is why at Big Society Capital, along with key partners such as Social Enterprise UK, Resonance, Co-ops UK and the Wales Co-operative Centre, we are determined to ensure that the tax relief is retained and developed. Due to a sunset clause in the legislation, SITR will be retired in April 2021 unless action is taken in the upcoming budget, 3rd March 2021, to extend it.
Charities, social enterprises, and community businesses are at the heart of our country’s recovery from the COVID-19 pandemic, providing vital services in the most challenging circumstances. It therefore makes zero-sense to scrap the only tax break that helps organisations raise investment, to grow community lifelines.
Crucially, over 90% of SITR investment is outside of London, in the regions and the nations. This tax relief supports steps to level the playing field outside of London, often in rural and remote areas. By ensuring SITR does not lapse in April, the UK Government will not only demonstrate commitment to the social sector, and to support the Levelling Up agenda.
We need to ensure that vital patient and affordable capital can continue to be unlocked for social enterprises, charities and community businesses.
Support #SAVESITR campaign
As part of our #SAVESITR campaign, we will be working with organisations across the UK. We want to ensure that the tax relief is extended and will be advocating for this to happen across a range of channels.
To support our campaign, you can:
Join #SAVESITR campaign on social media:
Use your social media to say why SITR should be saved, to support community benefit societies running community share offers (suggested posts and image available to download).
We will be launching our #SAVESITR video campaign at the start of February, make sure to follow the hashtag and share.
Email your local MP:
If you have ever used Social Investment Tax Relief, plan to in the future, or use any one of these fantastic services, venues, and community spaces, you can email your local MP and ask for their support.
Get in touch:
If you would like more information about how you can help, please contact Emily Liddle, Senior Communications and Engagement Officer at Big Society Capital: firstname.lastname@example.org