New tax refund scheme for start ups
Ministers Bruton and Noonan launching the scheme
A new tax refund scheme for start ups has been announced today by Finance Minister Michael Noonan and Jobs Minister Richard Bruton.
The scheme, called Start Up Refunds for Entrepreneurs (SURE), means entrepreneurs will be able to claim a tax refund of up to 41% of the capitol they invest in starting their business.
A marketing scheme to raise awareness of SURE was also launched today, including a dedicated website containing an online calculator allowing businesses to estimate what they can receive under the scheme, an advertisement campaign, a Revenue guide and an information leaflet.
The refunds obtained under the SURE scheme come from income tax paid in the six years prior to starting their business. All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41% of the total investment in the business.
The scheme aims in particular to encourage people in PAYE employment, unemployed people and retired people to start their own business.
For more information read the press release from the Department of Jobs here.