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03/06/2003
Businesses in disadvantaged areas need investment
Businesses operating in disadvantaged areas need investment like all other businesses, Finance Minister, Ian Pearson, said today.
Mr Pearson was speaking at a conference held to raise the profile of Community Investment Tax Relief, which is designed to encourage investment in businesses located within disadvantaged communities.
The Minister said: “Government is committed to supporting enterprise throughout Northern Ireland, but particularly in areas that have suffered, and continue to suffer from deprivation. Community Investment Tax Relief, (CITR), is a scheme designed to encourage investment in these areas and make enterprise a key driver of regeneration.
“Economic growth in Northern Ireland has been a source of opportunity and wealth for some, but for others it remains a place of poverty and deprivation. CITR helps to create the right incentives to invest in community finance organisations by offering tax benefits to investors.
“Investment is vital to our deprived communities," he added.
The Minister also noted the synergy between the CITR and the work of the Special EU Programmes Body that covers both Northern Ireland and the border counties of the Republic.
He added: “The SEUPB has a key role in mobilising the energy of local communities and promoting enterprise at the community level. PEACE II is a complex programme with many different implementing bodies involved – but that is also its strength in that it is truly a Programme for the community, managed by and involving many organisations throughout the region.
“I want to stress that the Special EU Programmes Body has the full support of the Government in its task of ensuring that the PEACE programme delivers the benefits planned for the entire community, working with Departments, Local Strategy Partnerships and other organisations.”
The importance of the social economy in Northern Ireland was highlighted by the Minister, when he noted that the current corporate plan for the Department of Enterprise, Trade and Investment identifies social economy and community enterprise as a priority issue.
Notes to Editors:
Community Investment Tax Relief is a UK wide scheme designed to encourage individuals and corporate investors to invest in accredited Community Development Finance Institutions such as Ulster Community Investment Trust Ltd. The tax relief provides an annual reduction in the investor’s tax liability equal to 5% of the amount invested in the CDFI over a five-year period.
(MB)
Mr Pearson was speaking at a conference held to raise the profile of Community Investment Tax Relief, which is designed to encourage investment in businesses located within disadvantaged communities.
The Minister said: “Government is committed to supporting enterprise throughout Northern Ireland, but particularly in areas that have suffered, and continue to suffer from deprivation. Community Investment Tax Relief, (CITR), is a scheme designed to encourage investment in these areas and make enterprise a key driver of regeneration.
“Economic growth in Northern Ireland has been a source of opportunity and wealth for some, but for others it remains a place of poverty and deprivation. CITR helps to create the right incentives to invest in community finance organisations by offering tax benefits to investors.
“Investment is vital to our deprived communities," he added.
The Minister also noted the synergy between the CITR and the work of the Special EU Programmes Body that covers both Northern Ireland and the border counties of the Republic.
He added: “The SEUPB has a key role in mobilising the energy of local communities and promoting enterprise at the community level. PEACE II is a complex programme with many different implementing bodies involved – but that is also its strength in that it is truly a Programme for the community, managed by and involving many organisations throughout the region.
“I want to stress that the Special EU Programmes Body has the full support of the Government in its task of ensuring that the PEACE programme delivers the benefits planned for the entire community, working with Departments, Local Strategy Partnerships and other organisations.”
The importance of the social economy in Northern Ireland was highlighted by the Minister, when he noted that the current corporate plan for the Department of Enterprise, Trade and Investment identifies social economy and community enterprise as a priority issue.
Notes to Editors:
Community Investment Tax Relief is a UK wide scheme designed to encourage individuals and corporate investors to invest in accredited Community Development Finance Institutions such as Ulster Community Investment Trust Ltd. The tax relief provides an annual reduction in the investor’s tax liability equal to 5% of the amount invested in the CDFI over a five-year period.
(MB)
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