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Two-year income tax exemption for unemployed who set up business

The ‘Start Your Own Business Scheme’ will provide a two-year exception on income tax for self-employed people who have been unemployed for 15 months or more.

Image: Oireachtas/ Screengrab

THE GOVERNMENT IS to introduce a new tax exception scheme for unemployed people who set up a new self-employed business.

In his budget speech this afternoon Finance Minister Michael Noonan said that the  ’Start Your Own Business Scheme’ would provide a two-year exception on income tax for people who have been unemployed for 15 months or more and start-up a new unincorporated business.

The Minister said that this scheme, in combination with the Home Renovation Initiative (HRI), will give unemployed construction workers the opportunity return to work. The HRI will provide an income tax credit of 13.5 per cent for homeowners on home improvement expenditure of between €5,000-€35,000.

“Too many people in Ireland see themselves as employees for life. we must encourage people to start new businesses,” Noonan said during his speech.

The Minister for Finance also announced a capital gains tax credit for entrepreneurs who re-invest the proceeds from the disposal of assets.

Read: LIVEBLOG: Budget 2014 as it happens >

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Rónán Duffy

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