BES/SCS Scheme effective September 6 2007
05 October, 2007
In line with State-aid approval recently received from the European Commission for the Business Expansion Scheme (BES) and the Seed Capital Scheme (SCS), the Tànaiste and Minister of Finance, Mr. Brian Cowen, T.D., signed on September 6th the Commencement Order bringing the schemes into effect from 1 Juanuary 2007 to 31 December 2013. This triggers the two schemes into effect as provided for in the 2007 Finance Act and last December Budget. Note the conditions.
Note that the State Aid per company to include the tax relief on the BES/SCS investment is now subject to a "deminimus" limit per company in any 3 year period.
In summary, the Commencement Order and Regulations provide that as and from 1 January 2007 medium-sized enterprises may qualify if they are located in "assisted areas". (Currently, the assited areas are defined as all of the Republic of Ireland apart from Dublin, Kildare, Meath and Wicklow. From 1 January 2009, Cork City and county will be non-assisted, apart from Cork docklands). Medium-sized enterprises will benefit from the scheme if located in non-assisted areas only where they are in seed or start-up phase.
For further information, http://www.finance.gov.ie/
Click here for Commencement Order