Taxes Consolidation Act 1997 section 508S

Failure to commence a relevant employment (relief under section 508G)

Section 508S provides for the withdrawal of SURE relief where a specified individual fails to commence employment with the company within the required timeframe.

• A condition of SURE relief is that the specified individual takes up full-time employment with the investee company for a minimum period of 12 months.
• Where a claim has been made under section 508G before the individual begins employment, relief is withdrawn if the individual does not start that employment within the year of assessment in which the first investment is made.
• If the employment start date falls later, the individual must commence employment within 6 months of the date of subscription for eligible shares where only one subscription was made.
• Where the investment consists of more than one subscription for eligible shares, the individual must commence employment within 6 months of the date of the last subscription.