In May 2021, we responded to HM Revenue and Customs and HM Treasury’s consultation into reform of taxation of securitisation companies, in collaboration with Allia C&CBig Society Capital and Social Enterprise UK.

The UK government proposed potential changes to the regulations on taxation of securitisation companies. Amongst other points, it considered lowering the threshold which determines the minimum size for Retail Charity Bond issues.

In our joint response, we have called for this threshold to be reduced to £5 million, providing many more charity borrowers with access to the bond markets.

See more details in our full response below.


In November 2021, HMRC published its response to the consultation, announcing that the threshold for Retail Charity Bond issues had been lowered to £5 million. We strongly welcome this decision which will open up the bond markets to many more smaller borrowers.