March 23 2011.
A victory for social investment!
We were delighted to hear today that the Chancellor, in his budget speech, said that he would not be abolishing CITR but would actually be encouraging more people to take it up, flying in the face of recommendations made by his own Office for Tax Simplification.
This is fantastic news and follows a strong and concerted lobbying campaign led by the cdfa and supported by its members and stakeholders. Thank you to everyone who joined our campaign. Although this is a significant milestone, it is not the end of the journey by any means. We still have to work together to make sure CITR fully realises its potential.
The government has had reservations about the scheme for some time as it has felt that CITR has not raised as much capital as was initially envisaged, which is true. However, today’s announcement demonstrates that the government is willing to work with us to improve the scheme’s design and, in doing so, its reach and impact. Only then will CITR fully reach the potential that it has clearly demonstrated in recent years.
My vision for CITR is that it will be used to invest in businesses, as now, and also in personal lending and property. It will not have its current geographical and lending restrictions. It will be actively promoted by government as the key investment product for responsible investors. It will raise finance and deliver social and financial returns like never before. It will be a global leader and show the way to the rest of the world. Most importantly of all, it will create lasting wealth throughout every part of the UK.
Now is our chance to make that happen.
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For for information on the tax relief scheme and how to invest in a CDFI visit our Community Investment Tax Relief page or contact the cdfa