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Find out if your startup is eligible for up to €500,000 in tax relief

Business Law

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Startups may benefit from the government’s recently extended tax relief in effect through the end of 2021. Under the Start-up Capital Incentive (SCI) scheme, enacted as part of Ireland’s Budget 2019, companies may qualify for up to €500,000 in tax relief if they:

Qualifying companies may not:

The funds raised must be used:

Minister for Finance and Public Expenditure and Reform Paschal Donohoe announced the tax relief for startups during his statement regarding Budget 2019 in October, 2018. “This Government recognises the value of SMEs to the economy and to job creation. In light of this, I am legislating to extend the three year tax relief for certain start-up companies until the end of 2021,” he said.

It should be noted that any potential tax relief would not reduce PRSI or USC and is a deduction from total income. For startups to be eligible to obtain tax relief, the company must provide proof of its qualification and other information to the Revenue Commissioners, with which an experienced business law Solicitor should assist.

To schedule a consultation with a Tully Rinckey Ireland Solicitor to see if your startup qualifies for tax relief under the SCI scheme, contact us 24 hours a day, 7 days a week, at +353 1 963 7000 or contact@tullylegal.ie.

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