Tuesday 25 October 2016

New scheme could see entrepreneurs refunded up to 41pc of startup costs

Independent.ie reporters

Published 14/05/2015 | 09:56

Michael Noonan
Michael Noonan

The Government has launched a new scheme that could allow entrepreneurs to claim back up to 41pc of the capital they invest in starting up a business, it was announced today.

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The ‘StartUp Refunds for Entrepreneurs’ (SURE) operates as a refund of income tax paid by the person starting the business in the six years prior to the business being started.

All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41pc of the total investment in the business.

SURE will be targeted particularly at encouraging people in PAYE employment, unemployed people and retired people to start their own business.

Launching the scheme today Finance Minister Michael Noonan said: “SURE is an excellent example of a Government initiative to provide a source of much needed funds to new businesses who often find it difficult to source seed capital. 

“Officials have been working closely to simplify the scheme in order to make it easier to understand and communicate to interested entrepreneurs.”

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