What is the Startup Refunds for Entrepreneurs (SURE)?
If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital funding that you invest in the company under SURE. Depending on the size of your investment you may be entitled to a refund of PAYE income tax that you paid over the six years before the year in which you invest.
The general conditions for Startup Refunds for Entrepreneurs (SURE) are that you must:
- Establish a new company and engage in a qualifying trading activity(s); and,
- Invest money in the new company by way of purchasing new shares; and,
- Have had mainly PAYE income in the previous four years (This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person); and,
- Take up full-time employment in the new company either as a director or an employee.
The Company must:
- be less than two years old and be incorporated in the State or in another European
Economic Area (“EEA”) State;
- be an unquoted company;
- be tax resident in the State or in another EEA State;
- carry on business in the State through a branch or agency and from a fixed place of
business in the State;
- be a micro, small or medium-sized enterprise;
- have its issued share capital fully paid up; and
- use the investment for:
- the creation and maintenance of jobs; and
- the benefit of the Company; or
- research and development where the Company has not begun trading.