Dingle-Distillery-Brochure.pdf - The Dingle News

THE ANGELS' SHARE and YOUR SHARE
Business Expansion Scheme
1. Summary of Relief
BES provides a tax deduction for Irish resident individuals who invest in what is
known as qualifying companies.
Drioglann Daingean is a qualifying company on the understanding that its primary turnover
will be derived from the distillation/manufacturing of whiskey and liqueurs for at least the
first 3 years of the BES period. We have obtained confirmation from Revenue in the form
of an RICT 2.
An individual can invest in an unlimited number of qualifying companies.
However, the total BES relief available to him/her is restricted to €150,000 in any one tax year.
Spouses are treated as separate individuals for the purposes of BES relief.
Therefore, a husband and wife could each make a qualifying investment and obtain relief
of up to €150,000 each provided they are each in receipt of sufficient taxable income.
The relief is used to reduce the individual’s taxable income.
Therefore, a tax saving of up to €73,500 is available to an individual paying tax at the 49% rate
of tax on the investment amount and in respect of an investment of €150,000.
This saving is increased where the value of PRSI and the health levy is taken into account.
BES is a specified relief which is subject to the high earner restriction i.e. the maximum tax
reliefs that an individual can claim in any one year is restricted to the greater of €250,000
or 50% of his/her total income (before tax reliefs) in any one tax year.
Any relief, not used in a particular tax year, is carried forward for offset in future tax years.