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.
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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.