CIOT: Autumn Statement: Cautious welcome for new Social Enterprises tax relief
The Chartered Institute of Taxation (CIOT) has welcomed the Chancellor’s confirmation in the Autumn Statement that a new tax relief for investment by individuals in Social Enterprises will be introduced from April 2014.
Graham Batty, Chairman of the CIOT’s Charity Taxes Working Group, commented:
“The Chancellor’s announcement today is welcome.
“The inclusion of debt investments is particularly welcome as many Social Enterprises do not have a share capital and so would otherwise not be able to use the scheme to attract funding. However, as the detail of the relief has yet to be announced we are cautious as to whether in reality this will be attractive to and workable for both Social Enterprises and potential investors. We await the publication of the draft legislation with interest.”
The draft legislation is expected to be published next Tuesday.
Notes for editors
1. The Chartered Institute of Taxation
The Chartered Institute of Taxation (CIOT) is the leading professional body in the United Kingdom concerned solely with taxation. The CIOT is an educational charity, promoting education and study of the administration and practice of taxation. One of our key aims is to work for a better, more efficient, tax system for all affected by it – taxpayers, their advisers and the authorities. The CIOT’s work covers all aspects of taxation, including direct and indirect taxes and duties. Through our Low Incomes Tax Reform Group (LITRG), the CIOT has a particular focus on improving the tax system, including tax credits and benefits, for the unrepresented taxpayer.
The CIOT draws on our members’ experience in private practice, commerce and industry, government and academia to improve tax administration and propose and explain how tax policy objectives can most effectively be achieved. We also link to, and draw on, similar leading professional tax bodies in other countries. The CIOT’s comments and recommendations on tax issues are made in line with our charitable objectives: we are politically neutral in our work.
The CIOT’s 17,000 members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’, to represent the leading tax qualification.
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