Business and Other Briefings
BERR: New measures to boost the amount of finance raised & channelled into new & expanding businesses in disadvantaged areas have been announced by the government. The changes are designed to strengthen the ability of organisations, known as community development finance institutions (CDFIs), to attract private investment. In turn, these organisations provide access to finance for enterprises in disadvantaged communities that have been turned down by mainstream providers like banks.
The Community Investment Tax Relief (CITR) scheme provides a tax incentive to both individuals & companies to invest in businesses & community projects within disadvantaged communities. The tax relief is worth up to 25% of the money invested spread over 5 years. Changes to the operation of the CITR have been informed by the CITR Operational review, launched in November 2006 as part of the Social Enterprise Action Plan.
Press release ~ Social Enterprise Action Plan ~ Community Development Finance Association (CDFA) ~ NCVO - Community Development Finance Institutions ~ Community Investment Tax Relief - BERR ~ CITM - Community Investment Tax Relief Manual ~ Small Firms Loan Guarantee (SFLG) ~ Graham Review ~ First SFLG Annual Report to Parliament ~ Business Enterprise Fund ~ Foundation East ~ South West Investment Group
FSA: The Financial Services Authority (FSA) recently published its Business Plan for 2008/9, which sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook, published in January. The plan outlines specific FSA initiatives regarding heightened supervisory oversight in areas such as firms' liquidity, adequacy of stress testing and their general operational preparedness for unexpected events.
Published alongside the Business Plan, the 2008/9 Fees Consultation paper (CP08/02) (closes 28 March 2008) explains how the FSA proposes to raise the annual funding requirement from fee payers and provides an opportunity for comment on the fee and policy proposals.
