A new tax refund scheme for start ups called Start Up Refunds for Entrepreneurs (SURE) has been announced.
If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital funding that you invest in the company. Depending on the size of your investment you may be entitled to a refund of PAYE income tax that you paid over the six years before the year in which you invest.
The general conditions for SURE are that you must:
- Establish a new company and engage in a qualifying trading activity
- Invest money in the new company by way of purchasing new shares
- Have had mainly PAYE income in the previous four years (This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person)
- Take up full-time employment in the new company either as a director or an employee.