The 2014 Budget introduced two new tax incentives aimed at entrepreneurs.
1. Income Tax Exemption
This scheme is for long term unemployed Individuals who start a new business (sole trader/partnerships). They will be exempt from Income Tax for the first two years of trading, providing it is a qualifying business and they have been unemployed for a period of at least 12 months, prior to starting the business. Relief is to be capped at €40,000 per annum.
2. Capital Gains Tax Refund
Entrepreneurs who reinvest proceeds of a sale in new productive trading activities, where the disposal took place after 1 January 2010, can get their the CGT liability reduced. The investment must be held for a period of 3 years.
For Further information on the above please contact us.