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Seed Capital Scheme

Dáil Éireann Debate, Thursday - 16 July 2015

Thursday, 16 July 2015

Questions (180)

Michael McGrath

Question:

180. Deputy Michael McGrath asked the Minister for Finance the tax expenditure, and the number of participants and jobs supported under the employment and investment incentive and seed capital scheme, in each year since its inception; and if he will make a statement on the matter. [29810/15]

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Written answers

A wide range of statistical information is available on the Revenue Commissioners' Statistics webpage: http://www.revenue.ie/en/about/statistics/index.html

In relation to the Deputy's question, the latest detailed information on the costs of allowances and reliefs can be found in http://www.revenue.ie/en/about/statistics/index.html under the heading 'Costs of Tax Expenditures'. The relevant lines are "Employment and Investment Incentive (EII)'' and "Investment in Seed Capital". The latest full year for which information is available is 2013.

Provisional information for 2014 indicates that the cost for that year is likely to be in the region of €18.8 million for the Employment and Investment Incentive with 1,395 investors (including 5 EII funds) and 239 companies. For 2014, the current estimate of the cost associated with investments under the Seed Capital scheme is €1.8 million in relation to 59 investors and 54 companies.

Data in relation to the number of jobs supported should become available at a later stage. Under the terms of the incentive, relief in respect of 30% of the amount invested in a qualifying company is granted to the investor in the year of investment, while the balance is only due where it has been proven that employment levels have increased at the company at the end of the holding period (3 years), or where evidence is provided that the company used the capital raised for expenditure on research and development. Claims for the balance of the relief are due from this year.

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