Relief for Investments in Corporate Trades guidance updated

Revenue has updated Tax and Duty Manual which provides guidance on the Relief for Investments in Corporate Trades (RICT). The manual has been updated to reflect the revision of Regulation (EU) No 651/2014, known as the State Aid General Block Exemption Regulation and the amendments made to Part 16 TCA by Finance (No.2) Act 2023 to the Employment Investment Incentive, Start-Up Relief for Entrepreneurs and Start-Up Capital Incentive schemes available under Part 16 TCA 1997. 

The main updates include: 

• the insertion of a new section on investments from 1 January 2024 (section 2.6), 

• the insertion of a new section on Rate of Relief (section 4.4.1) and a new section on the calculation of the deduction from income for investments made from 1 January 2024 (section 4.4.2), 

• Section 7.1 in respect of eligible shares issued on or after 1 January 2024, 

• Section 8.2.1 in relation to the age of the RICT group, 

• Sections 9.2, 9.3 and 9.4 in relation to initial, follow-on, and expansion risk finance investment, and 

• Section 10 to reflect the limit on the amount that can be raised under Part 16 that applies from 1 January 2024.