HMRC statistics show a decrease in the use of Social Investment Tax Relief

According to the latest HMRC statistics, in 2017-18, 20 social enterprises received investment through the Social Investment Tax Relief (SITR) scheme, and £1.4 million of funds were raised.

This is a decrease from 2016-17, when 30 enterprises raised £2.5 million. However, the 2017-18 figure is likely to be revised upwards as more returns are received.

Since SITR was launched in 2014-15, 80 social enterprises have raised funds of £6.7 million through the scheme.

HM Treasury is currently consulting on changes to SITR, with comments due by 17 July 2019.