Department of Jobs, Enterprise and Innovation has outlined a scheme to encourage people to start up their own business.

SURE (Startup Refunds for Entrepreneurs) is a tax refund scheme. If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital funding that you invest in the company under SURE. Depending on the size of your investment you may be entitled to a refund of PAYE income tax that you paid over the six years before the year in which you invest.

For example: John makes an investment of €50,000 in 2015 in a new company. John qualifies for SURE, so the €50,000 investment made can be used to reduce his taxable income in one or more of the previous six tax years.