Dáil Éireann Debate, Thursday - 26 September 2013
74. Deputy Terence Flanagan asked the Minister for Finance if he will consider providing a concession in the upcoming Finance Bill regarding the conditions of the seed capital scheme (details supplied) in Dublin 3; and if he will make a statement on the matter. [40169/13]
View answerThe Seed Capital Scheme is designed for individuals who are or were in employment that was subject to PAYE. In general, it operates by providing that an individual, who makes an investment in new ordinary shares in a new company, may set off the amount of that investment against his or her taxable income in any of the previous 6 years, which will result in an overpayment of tax. The individual may then claim a refund of the tax overpaid. The individual must take up full-time employment with the company. The claim for relief must be made within 2 years of the end of the year of assessment in which the shares are issued.
I am advised by the Revenue Commissioners that the individual concerned made a general enquiry to the Office of the Revenue Commissioners recently regarding eligibility for the Seed Capital Scheme with respect to investments made in 2009 and 2010 but was informed that the investments would not qualify as any application would be outside the 2 year time limit. The Deputy’s suggestion will be considered as part of the forthcoming Budget and Finance Bill.
