Spring Statement 2019: Not for Profit
Those operating in the NfP sector should always be keeping an eye on VAT and employment tax changes but, aside from those changes, the only specific announcement relevant to not for profit entities related to Social Investment Tax Relief.
Social Investment Tax Relief (SITR)
A call for evidence on the use of the SITR scheme to date will commence, including why it has been used less than anticipated and what impact it has had on access to finance for social enterprises.
SITR is very similar to the Enterprise Investment Scheme which, despite being complex, is a very popular way for trading SMEs to raise equity capital.
SITR has not proved as popular, so now we have an opportunity to suggest improvements to the scheme – as otherwise we risk it being abolished in the interest of simplification.