Eoghan Murphy
Ceist:138. Deputy Eoghan Murphy asked the Minister for Finance if he has considered adapting the EIIS to make it more competitive similar to the EIS scheme in the UK. [46004/13]
Amharc ar fhreagraTuesday, 5 November 2013
Ceisteanna (138)
Freagraí scríofa
According to the UK Revenue website, the UK Enterprise Investment Scheme (EIS) provides 30% relief for investment in qualifying companies where shares are held for a minimum of three years. The Employment and Investment Incentive (EII) is broadly similar to the EIS. However, the level of tax relief available is more generous than the UK scheme.
The EII provides tax relief of 30% on investments made in small and certain medium-sized enterprises, including early stage enterprises, with the possibility of a further 11% tax relief at the end of the three year holding period. This additional 11% relief is not subject to the high earners' restriction.
In addition, as part of the recent Budget, I announced that the initial 30% relief will be removed from the high earners' restriction for a period of three years in order to encourage further investment in SMEs.
The incentive was previously known as the Business Expansion Scheme and was significantly amended in 2011 to target limited Exchequer resources towards job creation. As part of these changes, access to the incentive was made available to the majority of small and medium-sized companies.