Revenue Note for Guidance

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Revenue Note for Guidance

S508A Statement of qualification by qualifying company

(1) The qualifying company will issue to a qualifying investor or if a designated fund or qualifying investment fund, the managers of such a fund a statement of qualification for a qualifying investment.

(2) This is known as a Statement of Qualification. It is a statement made by the company that

  • the company is a qualifying company, and
  • the investment is a qualifying investment within the meaning of section 496.

(3)(a) The statement of qualification will contain information in respect of the company, investment and investor. In respect of the company the statement of qualification will have the company’s name, address and tax reference number. It will contain at a minimum, the date of the share issue, the class of shares issued and the amount subscribed and the number of shares issued. It will have the name, address and PPS number of the individual investors. It must contain the amount of the investment which qualifies for relief under section 502(2)(a) after any reduction required by section 497 or section 508R.

If an investment is made through a designated investment fund or qualifying investment fund, the name, address and tax reference number of that fund are required.

(3)(b)(c) The statement of qualification can contain any other information that Revenue may request and it must be in the format that Revenue direct and contain the Statement that this statement is made under this section.

(4) A statement of qualification cannot be issued in respect of a qualifying investment more than 4 months after the end of the year in which the shares were issued.

Relevant Date: Finance Act 2021