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23rd April 2021 The UK Financial Secretary to the Treasury has rejected calls for a further extension of a crucial tax relief scheme designed to stimulate social investment – but campaigners hope this can open the door to a new, improved policy to replace it. Social Investment Tax Relief (SITR) offers tax incentives to individuals to encourage them to invest in social enterprises. Investors were left in limbo for months as to whether the relief, which was to end in April 2021, would continue beyond this date. It was eventually extended for another two years in March, when the government’s Budget was announced. ....
The Save SITR campaign, which is being backed by Metro Mayors Andy Burnham, Andy Street and Marvin Rees, argues this approach will play a key role in helping the Government fulfil its levelling up agenda by ensuring areas worst hit by the pandemic will still have access to funding that can deliver community hubs, training for people with learning disabilities and support for the elderly. This is reflected in the results of a recent YouGov poll, which shows that 61 percent of British adults do not think the Government is doing enough to improve the quality of life for people in the poorest communities. ....