asked the Minister for Finance the number of jobs created under the business expansion scheme since its inception; the number of schemes currently in operation; the number started in each year since its inception; and the estimated cost to the Exchequer in terms of tax forgone in each year since the scheme started.
Written Answers. - Business Expansion Scheme.
151.
Statistics are not available which would enable the information requested by the Deputy in relation to the number of jobs created under the business expansion scheme to be provided. The following table sets out the relevant information which is available:
|
Year ended 5 April |
Number of new companies approved for investment |
Estimated cost to the Exchequer of tax relief to investors in each year |
|
£ million |
||
|
1985 |
10 |
0.9 |
|
1986 |
29 |
2.0 |
|
1987 |
86 |
3.4 |
|
1988 |
134 |
5.6 |
|
1989 |
93 |
13.6 (based on amounts notified to 5 April — see below) |
A total of 352 companies have been approved for investment under the scheme to date. Statistic are not available which would enable an estimate to be made of the number still in operation but it is thought to be the bulk of the number approved.
The figures given in the table for the cost to the Exchequer reflect the amounts invested under the scheme as formally notified to the Revenue Commissioners up to 5 April in each year. On this basis the amount of investments on which the figures given for the year ended 5 April 1989 are based is close on £26 million but there are clear indications that the total of investments actually made in that year were substantially higher.
Claims for tax relief on these investments will be dealt with in accordance with the relevant statutory provisions.