Income Tax Act 2007 section 257J

Meaning of "SI relief" and "social enterprise"

Section 257J defines the key terms "SI relief" and "social enterprise" for the purposes of the social investment tax relief provisions.

• SI relief is an income tax reduction available to individuals who invest in qualifying social enterprises.
• A social enterprise can be a community interest company, a community benefit society (that is not a charity), a charity, or an accredited social impact contractor.
• The Treasury may extend the definition of social enterprise by order to include other types of body, and such orders can have retrospective effect.
• Once a body has been confirmed as a social enterprise by a Treasury order in force, no later order can undo that status for periods before the later order takes effect.