Taxes Consolidation Act 1997 section 505

Specified individuals

Section 505 defines a specified individual for the purposes of the start-up relief for entrepreneurs (SURE).

• A specified individual is a person who personally subscribes for eligible shares in a qualifying company and meets all the conditions in this section, including limits on non-employment income in the three years before the investment.
• The individual must hold at least 15 per cent of the issued ordinary share capital of the investee company throughout the specified period, though a winding up or dissolution for bona fide commercial reasons will not breach this requirement.
• On the specified date (or in the preceding 12 months) the individual must not own more than 15 per cent of the share capital, loan capital, or voting power of any other company, subject to limited exceptions for dormant companies and small trading companies.
• The dormant-company exception applies where the company held no assets other than cash not exceeding €130, carried on no trade or activity, and paid no charges on income during the three years ending on the specified date; the small-company exception applies to one other company whose turnover from relevant trading activities did not exceed €127,000 in each of its three preceding accounting periods.