For someone with years of PAYE behind them, it can turn a redundancy lump sum into a much bigger start-up stake. Get an accountant to check the trade qualifies before you invest.
Quick facts
- Refund
- Up to 41% of what you invest
- From
- Tax paid in the year you invest and 6 years before
- Who
- Employees, the unemployed, the recently redundant
- Company
- New, with a new qualifying trade
- You
- Full-time director or employee
- Hold shares
- At least 4 years
What it is
"SURE is a tax relief that provides a refund of Income Tax that you paid in previous years." "The Start Up Refunds for Entrepreneurs (SURE) is a tax refund scheme that allows eligible people to get a refund of up to 41% of the capital they invest in starting a business."
"Under the SURE scheme, you may be entitled to a refund of PAYE income tax that you paid in the year you invested and the 6 years before that."
Who can claim
You can claim if you're "an employee an unemployed person a person who has recently been made redundant."
You must "establish a new company carrying on a new qualifying trading activity have mainly Pay As You Earn (PAYE) income in the previous four years take up full-time employment in the new company as a director or an employee invest cash in the new company by purchasing new shares keep the purchased shares for at least four years."
Claiming
Revenue explains claiming on its page How to claim relief for shares. Its manual on relief for investment in corporate trades covers the company side in full.
Common questions
What is SURE in Ireland?
Start-Up Relief for Entrepreneurs: a refund of income tax you paid in previous years, when you invest in starting your own new company.
How much can SURE refund?
Up to 41% of the capital you invest, from PAYE tax paid in the year of investment and the 6 years before.
Who qualifies for SURE?
Employees, unemployed people or people recently made redundant, with mainly PAYE income in the previous 4 years, who start a new company and work in it full-time.
How long must I keep the shares?
At least four years.