David Stanton
Ceist:112. Deputy David Stanton asked the Minister for Finance his plans to expand the start-up relief for entrepreneurs; and if he will make a statement on the matter. [30100/20]
Amharc ar fhreagraThursday, 26 November 2020
Ceisteanna (112)
Freagraí scríofa
In Budget 2015, the Seed Capital Scheme (SCS) was relaunched and rebranded as SURE, or Start-up Refunds for Entrepreneurs. SURE provides a refund of tax paid in the previous 6 tax years to those in PAYE employment or those recently unemployed, where they invest funds into a new company set up by them.
The general conditions for SURE are that you must:
- establish a new company carrying on a new qualifying trading activity,
- have mainly PAYE income in the previous four years,
- take up full-time employment in the new company as a director or an employee,
- invest cash in the new company by purchasing new ordinary shares, and
- keep the purchased shares for at least four years.
A review of SURE was carried out and changes to the administration of the scheme were implemented in Finance Act 2018. From 1 January 2019 qualifying companies can submit applications for eligible SURE investments on a self-assessment basis. This means that a company that wishes to claim SURE no longer needs advance approval from Revenue. A company can satisfy itself that it qualifies for SURE and, accordingly, obtain certification on a self-assessment basis via the Revenue Online Service (‘ROS’).
While I have no plans at the present time for further changes to the scheme, these matters are kept under regular review.
Question No. 113 answered with Question No. 90.
Question No. 114 answered with Question No. 86.