Seeking tax relief for 2016?
Investing in an Employment and Investment Incentive Scheme (EII) is one of the only remaining ways in which Irish investors can reduce their 2016 tax liability. EII was established in 2011, and replaces the Business Expansion Scheme (BES).
America’s First Lady Michelle Obama and daughter Sasha with Eneclann’s Research Director Fiona Fitzsimons in the Long Room at Trinity College Dublin in June 2013
Eneclann, established in 1998 and now firmly recognised as a global leader in Irish family history, archive management, digitisation and digital publishing, is offering a unique EII that focuses on a key component of our country’s future economic prosperity – our Irish heritage. This heritage is shared by the Irish Diaspora of over 80 million people, and represents a proven global economic success story.
Read the questions below to find out more, or complete the form to receive your copy of the Eneclann brochure.
Please note: no application fees will apply this year.
What is an Employment and Investment Incentive Scheme?
In Ireland, expanding businesses such as Eneclann Ltd. are able to raise capital through private investment schemes known as Employment and Investment Incentive Schemes (EII) formerly known as Business Expansion Schemes (BES). Individuals who invest in such schemes are entitled to up to 40% tax relief on their investment. As such, an Employment and Investment Incentive Scheme can be an attractive investment.
How does an Employment and Investment Incentive Scheme work?
A taxpayer who invests in an Employment and Investment Incentive Scheme before December 31st, 2016 can deduct the investment from his or her taxable income in two tranches. They are entitled to a tax refund of up to 40% in total, 30% in the year of investment, and 10% after 3 years after the issue of EII shares. Read Revenue’s own guide to EII here.
EII investments normally last for more than three years (unlike five years for the previous BES). The investor can expect to be refunded his or her investment at that point, although very often they will receive a return on investment too. There is no capital gains tax on the sales of shares in EII schemes.
Why has Eneclann set up an Employment and Investment Incentive Scheme?
Tom Cruise, pictured with Eneclann experts Fiona Fitzsimons (left) and Helen Moss
Eneclann Ltd. is an acknowledged leader and innovator in the field of historic records and genealogy with a proven track record in this sector. An award-winning company established in 1998, Eneclann has become the destination of choice for commissioned family history research, courting international acclaim as the family history research of US President Barack Obama, Tom Cruise, Meryl Streep, George Clooney, US Vice-President Joe Biden and many others. Eneclann makes the hobby of Irish genealogy easy. It develops digital resources for Irish family history and heritage, and makes these available online. It runs the immersive digital Irish Family History Centre, part of EPIC Ireland at the historic CHQ building in Dublin. It also provides a range of complementary services and products to cater for the growing genealogy and heritage market. We have set up an EII in order to raise the additional funds we require in order to further these developments.
What is the Eneclann EII?
The company’s new interactive social web site that makes Irish family history easy
The company estimates that the market value of the EII ‘A’ Ordinary shares will be €1.40 after three years representing an annual compound rate of 22% for 40% taxpayers. The investment will qualify for relief under the Employment and Investment Incentive Scheme Programme in two stages, 30% in the current tax year 2016 or in 2017 being the year the shares are issued, and 10% three years after the shares are issued (2020), totalling 40%.
Eneclann have raised BES & EII funds in several schemes since 2002, and has paid to investors as anticipated in all cases. So the company has a track record in making your investment work.
What are Eneclann’s future plans?
Some of the team at the opening of the Irish Family History Centre part of Epic Ireland in the Dublin Docks in May 2016
Eneclann plans to further develop and expand its new web experience and public offering at the Irish Family History Centre, and digitise and publish millions of documents online to allow customers to trace their own family history. These digital assets are the result of exclusive agreements with organisations such as the National Archives, UK National Archives (Kew), FamilySearch and other data owners.
EII investors will be investing in the creation of these digital and physical assets which will leave Eneclann very well placed as the lead Irish company in this market, with the potential for exponential growth.
Already Eneclann has had great success through strategic partnerships with many key players in the market, including the establishment of the Irish collection at Findmypast as a joint venture company with Scottish publishers DC Thomson, owners of Findmypast, genesreunited.com and a number of titles in the newspaper, magazine and comic industries.
What is the minimum amount that can be invested?
Individuals can invest sums from €1,250 upwards.
Are there any restrictions on who can invest?
The scheme is open to Irish taxpayers only.
When is the closing date for subscriptions?
The closing date for subscriptions is 5.30pm on 31 December 2016.
How can I find out more about the Eneclann EII?
We have produced a brochure about the Eneclann EII. You can order a copy of this brochure by clikcing here and filling in this form
You can also discuss the Eneclann EII by contacting Brian Donovan, CEO, Eneclann:
Brian Donovan, CEO
Ph: 01 6710338
Fax: 01 6710281