Govt announces revamped tax refund scheme for start-ups

A new tax refund scheme has been announced for start-ups.

The initative will allow people to claim back up to 41% of their investment in a new business over a six-year period.

The Start-Up Refunds for Entrepreneurs initiative - or 'SURE' - will particularly target PAYE workers, the unemployed and retired people to start their own business.

It will replace the current unpopular Seed Capital Scheme.

The Minister for Jobs, Enterprise and Innovation, Richard Bruton said: "One, it's been extended to more sectors recently. Also, now it has been developed with an online tool which makes it easier to use. One of the biggest problems was that few people knew about it.

"Thirdly, we have completely revamped the companies law, so a lot of people in the past saw setting up a company as a big obstacle, now we've simplified the Companies Act.

"The act will be coming on stream in June, so it will be much easier to manage and establish a company."