Startup Tax Refunds for Entrepreneurs (SURE)
SURE is a tax refunds for startups incentive scheme for entrepreneurs investing and working full-time in a new business.
How does it work?
The scheme offers a potential income tax refunds of up to 41% of the capital that is invested in a new business. Depending on how much you invest you may be entitled to tax refunds for the six years prior to the investment in the new business.
To avail of the SURE scheme you (the “Investor”) must:
- Establish a new company carrying on a qualifying trade (the “Company”);
- Invest in the Company for the purchase of new shares
- Have mainly PAYE income in the previous 4 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 Company either as a director or an employee for a period of at least 12 months.
Claire makes a qualifying SURE investment of €100,000 in 2016 after being made redundant at the end of 2015.