16th March 2018
Today sees the publication of the first major piece of research into the impact of the Community Investment Tax Relief (CITR) since the scheme’s launch in 2002. Completed by Community Investment Services Ltd the work was commissioned by the Power to Change and a number of responsible finance providers.
The research found that £145 million of CITR investment had been generated, facilitating around £217 million of lending into SMEs in disadvantaged communities. This investment has created over £1.5 billion of value for local economies, with a cost to the taxpayer of around £36 million.
CITR has been successful in stimulating significant levels of private investment into disadvantaged communities, despite falling below the levels of investment initially expected. The research found that there is a strong desire from responsible finance enterprise lenders to increase CITR usage and further the impact of the scheme. A number of recommendations are put forward in the report to achieve this ambition.
Community Investment Tax Relief (CITR) and the Responsible Finance Sector
March 2018
The first research on Community Investment Tax Relief (CITR) published since the scheme's launch in 2002. Completed by Community Investment Services Ltd the work was commissioned by the Power to Change and a number of responsible finance providers.
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