asked the Minister for Finance the number of companies which have been approved under the business expansion scheme in 1988-89; the cost to the Exchequer of tax relief to investors in these companies; and the number of jobs created each year since its introduction.
Written Answers. - Business Expansion Scheme.
102.
In the year ended 5 April 1989, 93 companies were approved for investment under the business expansion scheme. The estimated cost to the Exchequer of tax relief to investors in the same period was £13.6 million.
The cost figure reflects the amounts invested under the scheme as formally notified to the Revenue Commissioners in the year up to 5 April 1989. It includes investment made in the 93 companies which were approved in the 1988-89 tax year as well as investments made in companies approved in earlier years but notified to the Revenue Commissioners in 1988-89. On this basis the amount of investments on which the figures given for 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 was substantially higher. This will give rise to an Exchequer cost in the current tax year according as these amounts are notified to the Revenue Commissioners.
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.