ARTICLE · 24 NOVEMBER 2015

Weekly Tax Update - 16 November 2015

Smith & Williamson

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Weekly Tax Update - 16 November 2015

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Smith & Williamson

1. General news

1.1 Social Investment Tax Relief (SITR): contractor accreditation for 'spot purchase' Contracts

Proposed regulations and guidance and a consultation document have been issued on changes to the Social Investment Tax Relief (SITR) accreditation process for companies set up to deliver a Social Impact Bond (SIB) contract. These changes are intended to make the accreditation process easier for companies that enter into multiple spot purchase SIB contracts, by eliminating the need for separate accreditation of each contract. Responses to the consultation are requested by 30 November 2015.

Social Impact Bonds (SIBs) are a new tool to unlock private finance and public investment. Organisations, that are best placed to tackle social problems can do so on a payment-by-results basis. Companies set up to deliver a SIB contract ('Social Impact Contractors') are currently eligible for investment attracting SITR, where they have been accredited by a Cabinet

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