Taxes Consolidation Act 1997 section 508B

Statement of qualification (second stage relief) by qualifying company

Section 508B requires a qualifying company to issue a statement of qualification (second stage relief) to qualifying investors or designated fund managers in respect of a qualifying investment that qualifies for relief under section 502(2)(b).

• A statement of qualification (second stage relief) is a declaration by the company that it is a qualifying company and that the investment is a qualifying investment within the meaning of section 496.
• The statement must include prescribed details about the company, the share issue, the investor or designated fund, the amount qualifying for relief (after any required reductions), and confirmation that conditions for second stage relief have been satisfied.
• The statement must be in such form as Revenue direct, and must contain a declaration that it is a statement of qualification (second stage relief) made under this section.
• A company may not issue the statement until the relevant period has ended and the conditions in section 502(4) have been met, nor more than two years after the end of the year of assessment in which those conditions were satisfied.