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Employment Investment Incentive Scheme Data

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Employment Investment Incentive Scheme Data

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Minister for Finance (Deputy Paschal Donohoe)

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Minister for Finance (Deputy Paschal Donohoe)

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Snippet Contents:

I propose to take Questions Nos. 122 to 124, inclusive, together.
As EII is a tax relief designed to assist companies raise risk equity financing, I assume that when referring to participants, the Deputy is referring to companies who raised funds under the EII scheme. I am advised by Revenue that details of the companies who are approved under EII and SURE are published on the Revenue website:
https://www.revenue.ie/en/starting-a-business/documents/bes-scs-shares.csv.
This was last updated in September 2018. The number of companies which issued shares during the years 2011 to 2018, and which have been approved by Revenue as Qualifying Companies are:
Year No. of companies Amount raised in year
2011 322 €42m
2012 314 €43m
2013 417 €59m
2014 501 €85m
2015 496 €104m
2016 361 €111m
2017* 87 €23m
2018** 3 €2m


* This table is based on the data as at 1 September 2018. Companies which issued shares in 2017 and were approved after that date are not included in the above analysis.
** Companies which issued shares in 2018 will not generally apply for Revenue approval until 2019.
With regards to enabling individual investors with tax relief of 30% in respect of investments of up to: €250,000, €500,000, €750,000, €1 million, €1.25 million; €1.5 million; €1.75 million; €2 million per annum; EII currently allows tax relief up to a maximum investment of €150,000 each year. Those who invest more than €150,000 in a year can carry any unused amount forward for use in future years. I am advised by Revenue that most taxpayers do not make the maximum investment allowed. The majority of the investments are for less than €50,000. As such, there is therefore no basis on which to develop a reliable estimate uptake if the maximum investment were increased as described by the Deputy.
I am further advised by Revenue that, if the EII was altered to allow for the entirety of the 40% of the investment to be claimed in year one, the additional cost of the scheme would be some €11m in a full year, based on 2016 data. The cost of the scheme in that year was €32 million. To calculate the cost of disregarding the relief for USC liability also, would require a significant manual review of records, which it is not feasible to undertake. Issues concerning PRSI policy are matters in the first instance for my colleague, the Minister for Employment Affairs and Social Protection.