Taxes Consolidation Act 1997 section 497

Limits on amounts a qualifying company can raise

Section 497 limits the total amount of investment that a RICT group may raise through the issue of eligible shares under the employment investment incentive scheme (EIIS).

• The maximum amount a RICT group may raise is €5,500,000 in any 12-month period and €16,500,000 in total; any excess over either limit is not a qualifying investment.
• Eligible shares include any shares issued on or after 6 April 1984 under Part 16, and account is taken of amounts raised by any company while it was part of the same RICT group.
• Where the annual or lifetime limit would preclude relief for two or more individuals, the available relief is divided between them in proportion to the amounts they each subscribed.
• Special rules apply where the company has also issued shares that may qualify for capital gains tax relief under section 600M (angel investor relief), so that amounts raised under both reliefs are aggregated against the limits.