Ireland introduces new tax refund scheme for start-up firms

Ireland said on Thursday it has introduced a new tax refund scheme for start-up firms.

The scheme, called Start-Up Refunds for Entrepreneurs (SURE), means entrepreneurs will be able to claim a tax refund of up to 41 percent of the capital they invest in starting their business.

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 percent 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.

Meanwhile, 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.