Big Society Capital has announced a list of firms which will provide free support to help charities and social enterprises raise money using social investment tax relief.

Four professional service firms in the charity sector have committed to providing legal advice and impact reports on both share and unsecured debt SITR transactions as part of the Get It initiative, which was set up by BSC to increase understanding of SITR.

Legal specialists Anthony Collins Solicitors, Wragge Lawrence Graham & Co, and Browne Jacobson will provide legal advice, while All Street, a specialist in deal reports, will offer free social impact research reports. Big Society Capital has said that this support is in addition to the ongoing technical support from Neil Pearson Consulting Ltd.

Matt Robinson, head of strategy and market development at Big Society Capital, said: “We are pleased these professional services firms are offering the technical support that many charities and social enterprises may need for them to complete a SITR deal. With the forthcoming review of the SITR size cap looking to raise to £5 million, this could be the start of a new wave of impact investing by individuals.”

Mark Simms, chief executive of P3 Charity, an early user of SITR, said: “We were one of the first organisations to use SITR which helped us raise £150,000 via two projects working to tackle homelessness in Gloucestershire and the East Midlands. We are delighted to see these professional services firms willing to help more charities and social enterprises also benefit from the relief and hope that it will encourage more organisations to use it.”

The support is available by signing up at Big Society Capital's website, available here. Charities and social enterprises already using legal and advisory support services for an SITR deal will not be eligible.

Last week HMRC revealed that the government has so far received 40 applications for SITR, which was described as “healthy” by social finance experts.