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The end of the road for SITR
Time is running out for Social Investment Tax Relief (SITR). Despite campaigns from several groups to save it, this vital tax relief will cease at the end of the 2022/23 tax year on 6th April.
What is SITR?
SITR is a brilliant means of helping social enterprises and community businesses to raise investment, by offering a tax incentive for investors. Since 2014, SITR has enabled investors to claim personal tax reliefs - including income tax relief of up to 30% of the amount invested.
According to the Get SITR website, to date, at least 76 organisations have used SITR to raise over £14m, with the smallest investment raise using SITR being £1,230 and the largest being £1.4m.
Many of the impactful investment raises featured on the Ethex platform over the years have benefitted from SITR, giving investors an extra incentive to use their money to support organisations that are creating a positive impact on people, communities and the environment.
Why is it ending?
Back in 2019, the government announced a review of SITR as they viewed its performance as lower than anticipated. Originally due to finish in 2021, SITR was originally granted an extension to 2023, and despite the hopes of many investors, charities and social enterprises, it looks set to cease at the end of this tax year.
At Ethex, we’re very sorry to see the end of SITR, as any additional incentives to help people invest in extraordinary grassroots community groups or social enterprises to enable them to get the money they need to thrive are much needed. However, we will continue to bring these impactful investment opportunities to our community of positive investors and look to utilise as many other tax reliefs as possible in order to make these investments more attractive.
Last chance to take advantage!
As the tax-year0end approaches, Ethex is pleased to offer an exciting opportunity for investors to take advantage of SITR before it is gone for good. We are currently listing an investment bond offer for Aero Space Kinross (ASK) that is SITR or IF ISA eligible.
Investments in the bond target a return of 5% and will help ASK to realise its dream of helping to inspire and educate future generations by creating an exciting and immersive new visitor attraction and education hub themed on flight and space exploration in the heart of Scotland, generating new, positive opportunities for the local area.
View the ASK bond offer on the Ethex platform here.
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