Corporation tax €40k relief on new startups for three years

dbran

Hi

I was trying to find information on the new relief for new company startups that exempts the company from corporation tax on profits up to €40k for three years.

I searched all over the revenue site and couldn't find info in it anywhere. Does anyone know where I can find info about it. Did it actually get signed into law in the end?

Kind Regards


DB

censuspro

I was trying to get info on this from revenue. There doesnt appear to be any revenue leaflets or guides. You can have a look through the Finance Bill here on chapter 5 http://www.finance.gov.ie/documents/publications/FinanceNo.2%20Bill%202008/financeno.2bill.pdf

Theres also an article on it here http://www.accountingnet.ie/taxation_budget/Start_Right_-_Tax_Exemption_for_2009_start_up_companies.php

dbran

Hi Censuspro

Thanks for this information.

So would I be right in saying it will only apply to trading income after a certain date on October 2008 for three years?

If the person previously trades as a sole-trader then it appears he cannot avail of the relief?

What about if he was previously trading as a contractor under an umbrella company ie one in where he is a director of a company which is set up and owned by a third party for the purposes of simplifying the invoicing his services etc. Would he still get the relief if he sets himself up as a new company?

Kind Regards

DB