Revenue Note for Guidance

The content shown on this page is a Note for Guidance produced by the Irish Revenue Commissioners. To view the section of legislation to which the Note for Guidance applies, click the link below:

Revenue Note for Guidance

S508B Statement of qualification (second stage relief) by qualifying company

(1) The qualifying company will issue to a qualifying investor or if a designated funds, the managers of such a fund a statement of qualification (second stage relief) for a qualifying investment that qualifies for relief under section 502(2)(b). This is known as a Statement of Qualification (second stage relief).

(2) 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 (second stage relief) 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 date on which 30 per cent of the amount raised has been spent on a qualifying purpose and the amount of the investment which qualifies for relief under section 502(2)(a) after any reduction required by section 497 or section 508R. In addition the statement of qualification (second stage relief) will confirm that the conditions for relief under section 502(2)(b) have been satisfied.

If an investment is made through a Designated Investment Fund, the name, address and tax reference number of that fund are required.

(3)(b)(c) The statement of qualification (second stage relief) 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 (second stage relief) cannot be issued in respect of a qualifying investment until the relevant period (as defined in section 488) has ended and it has satisfied the conditions of section 502(4)

Relevant Date: Finance Act 2021