SURE Relief

SDKev

I've a query in relation to part in bold below, will a person be eligible if they only were employed part of a year final year.

As an example;
2015 - Employed all Year
2016 - Employed all Year
2017 - Employed 4 Months* (Jan - Apr)
*Made redundant in April


Clause from revenue below
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-16/16-00-03.pdf

3.3.1 Employment before investment [s.505(2)]
In order to claim relief under SURE, the investor must be a “specified individual”. To be a “specified individual”, the individual must have been in employment (taxable under either Sch E in respect of an Irish employment or Case III of Sch D in respect of a foreign employment) for the three years preceding the year that precedes the year
in which he or she first makes a SURE investment. That is, for an investment during 2019, the individual must have been in employment for 2015, 2016 and 2017. For each of those years, the individual cannot have earnings from any other source in excess of €50,000, or the employment income, whichever is the lower.

Casati

SDKev wrote: »

I've a query in relation to part in bold below, will a person be eligible if they only were employed part of a year final year.

As an example;
2015 - Employed all Year
2016 - Employed all Year
2017 - Employed 4 Months* (Jan - Apr)
*Made redundant in April


Clause from revenue below
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-16/16-00-03.pdf

3.3.1 Employment before investment [s.505(2)]
In order to claim relief under SURE, the investor must be a “specified individual”. To be a “specified individual”, the individual must have been in employment (taxable under either Sch E in respect of an Irish employment or Case III of Sch D in respect of a foreign employment) for the three years preceding the year that precedes the year
in which he or she first makes a SURE investment. That is, for an investment during 2019, the individual must have been in employment for 2015, 2016 and 2017. For each of those years, the individual cannot have earnings from any other source in excess of €50,000, or the employment income, whichever is the lower.

Im looking at SURE too and my reading of that is as long as you were employed in that tax year you are fine, you don't have to be employed for the full year

Rossdarragh1

I'm wondering if I'm eligible for this myself, I'm being made redundant at the end of this month and am now going to set up a company and employ myself within the company as the sole employee. The company will have two shareholders, myself and my husband. Any idea if I'll be eligible for SURE. I know it's based off the initial investment. I presume this investment has to come from myself and not my husband?

CramCycle

https://www.boards.ie/discussion/comment/115828818#Comment_115828818

I think you both can invest, looking at it myself and am interested to know how you (or anyone got on). We have sent in business registration documents to CORE so that will be another month but the plan is to put all of our savings into the company.

Two questions though, how do we then claim the relief? Can it be done at any point in the year? Even more stupidly, can you then reinvest the relief again.

Lets say we put in 50k, and then we receive 25k back , could we then put that 25k in if we wanted and then get a further 12.5k back?

CramCycle

https://www.boards.ie/discussion/comment/120424201#Comment_120424201

Sorry, both can invest if working there full time, not if he is elsewhere