UK tax relief funds start to flow to social enterprises

Social Finance UK made its first investment from its Bright Futures Social Investment Tax Relief Fund, which has raised £1.5 million ($1.9 million) from 40 taxpayers since 2015.

The £260,000 ($324,000) loan to Ability Tec, a manufacturing company, will help it train and hire disabled workers.

People with disabilities are more than twice as likely to be unemployed as non-disabled people in the U.K.

Bright Futures leverages a 30 percent tax deduction for individual taxpayers who make social investments.

The fund, required by law to invest in social enterprises and charities, is expected to deliver returns of five to 10 percent.

Another tax relief fund, backed by UBS Wealth Management, raised £1.3 million last year.

Photo credit: Social Finance UK

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