Community Investment Tax Relief (CITR)
The Community Investment Tax Relief (CITR) is tax relief for investors who have invested in disadvantaged communities through Community Development Finance Institutions (CDFIs).
What you need to remember about CITR:
- you can claim up to 25% of the value of the investment
- this 25% is spread over five years (so you can claim 5% of your investment each year), starting with the year in which you made the investment
- you can only use this relief against Income Tax.
To claim it, you simply need to file a Self Assessment tax return. You’ll also need your Tax Relief Certificate from the CDFI.
Hey there! We really hope this article helped you. Tax matters can be a dreadful topic at times. We know. That's why we started TaxScouts.
A stress-free way to getting your taxes done.
Have a minute? See how it works