Revenue Note for Guidance

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Revenue Note for Guidance

S497 Limits on amounts a qualifying company can raise


(2) This section provides that the maximum a RICT Group can raise under the EII is €15million. This €15 million maximum also includes amounts raised under SURE and SCI. Where companies are associated through a RICT Group, this overall maximum limit applies in relation to the amounts that can be raised by all companies forming the RICT group. A RICT Group through the issue of eligible shares may not raise more than €5 million in any twelve-month period.


(2)(b) The lifetime limit of €15 million applies in respect of the aggregate amount which a company and the companies within that RICT Group can raise through EII/SCI and SURE.

(4) Where the lifetime limit has already been reached by a company and/or companies in the RICT Group, the company seeking relief under the scheme can raise no further amounts. Where the amount previously raised by a company and/or companies in the RICT Group is less than the allowable limit, the applicant company may only raise an amount equal to the difference between the amounts already raised and the allowable limit.

(2)(a) Relief will not be given where a company and/or companies in the RICT Group raises more than €5 million whether it’s in a single issue or where aggregate amounts raised through issues in any twelve month period. Where shares are issued to 2 or more people and as a result of the lifetime and annual limits they would be precluded on claiming relief, the relief available will be divided between them in proportion to the amounts which have been subscribed by them for the shares to which their claims relate and which otherwise apart from this section would be eligible for relief.

(5) When determining whether these limits have been reached, no account shall be taken of amounts subscribed for eligible shares by someone other than the individual who qualifies for the relief.

(1)(a) Account shall not be taken of an amount subscribed for eligible shares by a person other than an individual who qualifies for relief.

When determining eligible shares, this will include any shares issued on or after 6 April 1984 in respect of which relief was available under Part 16.

(1)(c) Any amount raised by another company that was a part of the RICT Group in which the company now seeking to raise eligible shares is also part of shall be included when determining if the limits set out have been reached. However, any amount raised when the company seeking to raise eligible shares is no longer part of that RICT Group, shall not be included.

Relevant Date: Finance Act 2021