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Consultations & legislation
24 June 2005
In December 2004, the Government published Promoting financial inclusion which set out a range of measures to tackle financial exclusion in three priority areas:
As part of promoting access to affordable credit the Government set out its plans to boost the coverage, capacity and sustainability of ‘third’ sector lenders – credit unions and community development finance institutions (CDFIs). As part of this package, the Government announced that it would consult stakeholders within the CDFI sector and the investment community on the case for, and practicalities of, extending a Community Investment Tax Relief (CITR) type scheme to investments in CDFIs’ personal lending activities.
The Government wants to promote the sustainability of third sector lenders so they are better able to serve the credit needs of low-income groups. The purpose of consultation is to gather evidence on whether there is a case for extending a CITR type scheme, and specifically to gauge whether a CITR type scheme would contribute to increased investment in personal lending CDFIs and subsequently to improved sustainability of the sector.
The Government is also seeking views on the practical issues that would need to be considered were such a scheme to be developed.
Community investment tax relief is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
