On the 4th June 2015 I had the pleasure of attending the Social Investment Academy. The meeting addressed the big questions on Government’s new Social Investment Tax Relief (SITR), a 30% tax break encouraging individuals to to support social enterprises
What is Social Impact Investing? Originally funded by dormant bank accounts, and now added to by individuals and government, Social Impact Funds invest for profit but also for a social return.
The Government wants to bring social impact investment to the masses and advisers have a key role to encourage investors to consider these solutions said financial secretary to the Treasury David Gauke.
Speaking to advisers at the Social Investment Academy event, he said the government wanted to build a marketplace for social investing which was accessible to everyone.
He went on: ‘To give you a sense of scale I don’t see why we can’t have millions of people contributing to social change in their everyday finance choices and investment decisions. We want to quite literally make social investing mainstream.
‘In the wealth management sector we want to see advisers and investment providers at the forefront of that. Over the coming months and years you can continue to encourage and support the development of social investment tax relief schemes, and I hope you will help investors understand to make full use of these opportunities because you are the people they trust.
‘While the tax relief had only been available for less than a year, the deals being made on the back of its introduction were encouraging‘.
The Academy brings these participants together to inform, discuss and develop the retail market and has attracted participation from the City of London, Big Society Capital, FCA, HM Treasury and HMRC.
I believe I detected the early and healthy growth of a new social paradigm. One that is exciting both of government and social entrepreneurs. A new thought process that takes us beyond charity and good works to a new way at looking at social and economic challenges for new solutions.
Nick Jenkins, founder of Moonpig.com, was just one of the inspirational contributors to the day.
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