What is the SURE scheme in Ireland — how do you get a tax refund for starting a company?

SURE (Start Up Relief for Entrepreneurs) is an Irish tax incentive that allows individuals who leave PAYE employment to start their own company to claim back income tax paid in previous years. It is one of the most underused reliefs available to new entrepreneurs.

How SURE works:

If you leave employment and invest your own money in shares of a new qualifying company you set up, you can claim income tax relief at up to 41% on the amount invested. The relief is given against income tax you paid in the six years before the year of investment. This means Revenue effectively refunds a portion of tax you already paid as a salaried employee.

Key conditions:

• You must be an Irish tax resident
• You must personally subscribe for new ordinary shares in a new qualifying company
• You (and connected persons) must not have been a director or employee of a company in the same sector in the previous two years
• The company must be incorporated in Ireland or the EEA and must be a new start-up (not continuing an existing business)
• Shares must be held for at least three years
• The company must carry on a qualifying trade (most trading businesses qualify; financial services, professional services, and some others are excluded)

How much can you claim?

The maximum investment that qualifies for SURE per year is €700,000. The relief is given against prior-year income tax, so the refund depends on how much income tax you actually paid in those six prior years.

How to apply:

Apply to Revenue for a Letter of Approval before investing. After the shares are issued, complete Form SURE1 and submit it to Revenue. Conditions must be met continuously for three years after investment.