3 March 2021

Commenting on the decision to extend SITR announced in the 2021 Budget, Peter Holbrook, Chief Executive at Social Enterprise UK said:

“We welcome the decision from the Chancellor to extend the Social Investment Tax Relief and listen to the views of social enterprises. However, we need this to be the start of a dialogue about how we can create a supportive tax environment for social enterprises to start, thrive and grow. The level of tax support that social enterprises receive compared to other sectors of the economy is not equal and SITR does not solve all the problems social enterprises face.”

“There is no route to levelling up that doesn’t involve growing social enterprises. Government has a critical role to play in supporting the sector and I hope that this Budget marks the start of renewed engagement with social enterprises. We urgently need to redesign our tax system to recognise social, economic and environmental impact. Keeping SITR must not be the end to this work, but the beginning.”