This is a relief aimed at persons who have been out of work for at least 12 months, and will allow them to earn €40,000 in profits p.a. in the first two years of trading without paying Income Tax. The relief will apply by way of a deduction from trading profits.
The relief applies to an individual who commences a new business and who has been
and who was not previously a qualifying individual for the purposes of this relief.
This will apply for the first 24 months of trading, so that it will be necessary to apportion the relief where this does not match the tax year. A new business will mean a business commenced by the qualifying individual during the period beginning on 1 January 2014 and ending on 31 December 2016, but will exclude any trade:
Contact your OSK Tax Advisor for further information on Business Start Up Relief for long term unemployed.
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