Burges Salmon advises Resonance on UK's first full scale SITR fund

Funds and Tax lawyers from Burges Salmon have been advising Resonance Impact Investment Limited on the development of the UK's first full scale social investment tax relief (SITR) fund.

07 October 2015

Investment Funds and Tax experts from Burges Salmon have been advising Resonance Impact Investment Limited on the development of the UK's first full scale social investment tax relief (SITR) fund.

Resonance is developing city-focused SITR funds, with the first SITR Fund being formally launched in Bristol on 8 October. The Resonance Bristol SITR Fund is the first full scale fund of its kind following a detailed pilot phase run by Resonance, and there is a vision for up to eight more such funds in cities across the UK. The development of the fund is being sponsored by wealth manager UBS and it will be marketed to UBS clients, amongst others, seeking to raise around £5m to invest in local social enterprises. Resonance intends to create SITR funds in cities across the UK over the next two to three years, with a target of £30m worth of investment.

The Resonance Bristol SITR Fund will harness a new government initiative to empower social enterprises to tackle inner-city poverty while still providing an attractive return to investors. Some of the social issues that investments will tackle include: job creation, skills development, debt reduction and support, improved standards of living, health and wellbeing, addressing the needs of addicts and ex-offenders, improving access to affordable accommodation, alleviating long-term unemployment and reducing the cost of living.

The Burges Salmon team, led by Funds partner Tom Dunn, has been advising Resonance on the structure of the fund from a financial services regulatory compliance and tax perspective. The firm has also been advising on other aspects of the SITR regime in terms of the qualifying criteria for investments and identifying the state aid restrictions of SITR. Burges Salmon will continue to advise Resonance on the legal documentation to reflect the final structure of the fund.

Tom Dunn said: “We are delighted to have been advising Resonance on this exciting project and very much look forward to the forthcoming launch in Bristol.”

The Resonance Bristol SITR Fund will be launched at Open Space in Bristol on Thursday 8 October 2015.

Key contact

Tom Dunn

Tom Dunn Partner

  • Head of Regulated Funds and Financial Services
  • Regulated Funds
  • Financial Services

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