The government has announced its intention to revamp the existing Business Expansion Scheme (BES) and rename it the Employment and Investment Incentive Scheme (EII)
The current BES scheme is a tax relief incentive scheme that encourages investment in qualifying companies by offering income tax relief to investors on investments up to €150,000. Under the existing BES scheme the maximum amount that a company can raise is €2 million and the maximum in any one year is €1.5 million.
I believe that these limits are overly restrictive in relation to investors and qualifying companies concerned and would propose the following for the new Employment and Investment Incentive Scheme (EII):
The detail in relation to the new Employment and Investment Incentive Scheme (EII) will be published in the upcoming Finance Act.
For further information, please contact Brian Dignam, Partner, OSK
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