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What's new

Start-Up Capital Incentive Scheme (SCI)

17 Apr 2019

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SCI is a tax incentive scheme which provides tax relief for individuals investing in shares in micro companies. 

It applies to shares issued after 1 January 2019 and a company can raise a maximum of €500,000 under it.

To avail of SCI, the company must

  • carry on a qualifying new venture which was not previously carried on by any other person
  • be less than two years old
  • not be a subsidiary or under the control of another company
  • not have a subsidiary that does not carry on a qualifying activity
  • not have any partner or linked enterprise.

The funds raised must

  • be used within 4 years of the share issue for
    • the purposes of carrying out relevant trading activities, or
    • where the company has not yet commenced to carry out relevant trading activities, for research, development and innovation; and
  • contribute to the maintenance or creation of employment.

In order that the investor might receive the tax relief, the company must provide a statement of qualification and certain other information to the Revenue Commissioners. The income tax relief is a deduction from total income but does not reduce PRSI or USC. There are clawback provisions.

 

For more information please contact Gillian Hobbs G.hobbs@beauchamps.ie, Kyle Wimpress k.wimpress@beauchamps.ie, Máire Cunningham M.cunningham@beauchamps.ie or your usual Beauchamps contact.

About the author

Máire Cunningham

Partner

About Máire

Máire is a partner in our corporate & commercial team. Máire acts for both investors and investees across all sectors including food, agri tech and med tech. 

Máire has extensive experience in all areas of corporate law with a particular focus on shareholder relations, private equity and venture capital.

Máire also advises on the establishment of partnerships and partnership law.

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