Taxes Consolidation Act 1997 section 504

Interpretation (Chapter 5)

Section 504 defines key terms used in the Start-Up Relief for Entrepreneurs (SURE) scheme.

• The employment period runs from the date shares are issued (or, if later, the date employment begins) and ends 12 months after that date, during which the specified individual must be a full-time employee or full-time director of the company in which the investment is made.
• A first relevant investment is one made within two years of the end of the tax year in which the qualifying company was incorporated; a relevant investment is the total amount of qualifying investments made by a specified individual for eligible shares in a qualifying company in a single year of assessment.
• A full-time employee or full-time director is one who is required to devote substantially the whole of his or her time to the service of the company.
• The specified period begins on the date the shares are issued and ends one year after that date or, where the company was not yet carrying on relevant trading activities at that date, one year after it subsequently began to do so.