The government has refashioned the Seed Capital Scheme tax incentive as SURE, an acronym for StartUp Refunds for Entrepreneurs.

The SURE incentive is broadly similar to the Seed Capital Scheme i.e. a refund of income tax paid by the person starting the business in the six years prior to the business being started.

All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41% of the total investment in the business.

Enterprise minister Richard Bruton said there would be a major effort to publicise the scheme. A new website for the scheme, which has minimal information, includes an online calculator.

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