Firms planning to raise finance for the coming years and investors looking for a healthy return are being encouraged to register now for a free event in Kilkenny on Tuesday, December 10, which examines an attractive, new employment and investment option.
The new Employment & Investment Incentive Scheme (EIIS) replaces the Business Expansion Scheme (BES) which ceased in November 2011. The new scheme is open to a much wider range of companies than applied to BES and is one of the only total income tax reliefs available, according to tax expert Martin Carrigan of Carrigan O’Dwyer Accountants in Kilkenny and Carlow.
Martin Carrigan says the new scheme should be seriously considered by companies which want to raise finance for investment and growth in 2014 and beyond. Carrigan O’ Dwyer is hosting the free event on Tuesday, December 10, at The Pembroke Hotel, Kilkenny, starting at 8am. Guest speakers include David Walsh from Netwatch and Sinead Healy and Andrew Bourg of Davy EII Tax Relief Fund. EIIS is very appealing for both investors and companies, Martin Carrigan said.
“It offers the potential for individuals to claim tax relief of 41%,” he said.
“There is an initial tax relief of 30%, with a further 11% possible after a three year period. The conditions for the 11% relate to an increase in employee numbers and that average salaries are not reduced.
“The maximum individual investment is €150,000 per annum. The amount a company can raise over its lifetime is €10m or €2.5m in any one year.”
The criteria has also been extended so more companies qualify for investment and relief under this scheme than did under BES, according to Donal O’ Dwyer.
“We will go through the relevant criteria at our information event,” he said.
“We believe that EIIS is also likely to be even more attractive than the former BES as the investment is for a three-year period, rather than five years which was required previously. While the closing date for the relief is 31st December 2013, we do expect that this will be extended.”
Places are limited so pre-register now by calling Carrigan O’Dwyer on 056-7723155.