Start-Up Relief for Entrepreneurs (SURE)
SURE is a tax relief that provides you with tax relief based on previous year’s earnings. The relief is paid when you invest in shares in a new-start up and then go on to become an employee of that start up. Like all tax reliefs there are several caveats.
Who can claim the relief?
You can claim the relief if you are starting up your own business and previous to starting the business you were:
- an employee
- recently made redundant
How do I qualify?
- You must invest in share capital in the new start up in the form of cash and this must be fully paid up
- Take up full employment in the new company
- The business must be carrying out a qualifying trade
- Keep shares for 4 years.
- Company must use the amounts invested for creation of employment, or research & development
The following activities are not considered qualifying trades:
- Dealing in shares and investments
- One off activities
- Professional service companies
- Hotels, Guest houses
How much can I invest?
You can make 2 relevant investments up to €700,000 each, however you can only write off up to €100,000 in each tax year that you claim it for, you can back up to previous 6 years. If you invest 100k and it cannot be used in previous years you may carry it forward into the following year.
How do I make the claim?
The company will need to commence trading and the company will be required to make the claim through an RICT return via ROS
This relief would not be available to Professional Contractors who set up a limited company to carry out their contract work, however if you are considering a new start up, this is one of the reliefs available.
We would suggest you book a consultation with one of our team if you are considering a new start up and we can go through the reliefs available to you!
If you have any questions on any of the above or if you would like to organise a call to discuss a start-up, please get in touch with your dedicated account manager, alternatively, you can contact our team on firstname.lastname@example.org or by calling 01-8077106.