Finance Act 2024
|
Amendment of section 486C of Principal Act (relief from tax for certain start-up companies) | ||
|
51. (1) Section 486C of the Principal Act is amended— | ||
(a) in subsection (1)(a)— | ||
(i) in the definition of “total contribution”, in subparagraph (i), by the substitution of “company and specified self-employment contributions” for “company”, and | ||
(ii) by the insertion of the following definitions: | ||
“ ‘self-employment contribution limit’ means, subject to subsection (6), €1,000; | ||
‘Self-employment Pay-Related Social Insurance’ means the contribution payable under section 21 (1)(c) of the Social Welfare Consolidation Act 2005 ; | ||
‘specified self-employment contribution’, in relation to an individual, means the lesser of— | ||
(i) the amount of Self-employment Pay-Related Social Insurance paid by the individual in respect of emoluments from the company to that individual and which the company has remitted to the Collector-General in the accounting period, and | ||
(ii) the self-employment contribution limit;”, | ||
and | ||
(b) in subsection (6)— | ||
(i) in paragraph (a), by the substitution of “limit,” for “limit, and”, and | ||
(ii) by the insertion of the following paragraph after paragraph (a): | ||
“(aa) the self-employment contribution limit, and,”. | ||
(2) Subsection (1) shall apply for accounting periods commencing on or after 1 January 2025. |