Budget 2017: Plans for share options welcomed
Disappointed that no income tax relief has been allowed to early-stage companies granting share options to its employees, Dare Technology finance director Martin Carr said he welcomed news that this is forthcoming in budget 2018.
“We look forward to receiving further details on this. This type of relief would be hugely beneficial in helping a startup company such as ours to attract skilled staff while also keeping costs down,” said Mr Carr.
He said the increase in the earned income credit for the self-employed to €950 was a positive step since it will benefit the owners of startup companies by allowing them to keep more money in the business.
“They are however still at a disadvantage compared to PAYE earners who get a credit of €1,650,”’ he added.
As director of a company currently engaged in fundraising, Mr Carr said he was disappointed that the budget did not bring any reform of the employment incentive scheme.
“We would have liked to there to have been an expansion of the scheme that would make it more attractive for investors,” he said.
Mr Carr said he was pleased that the capital gains relief for entrepreneurs has now been reduced to 10% which will bring it more in line with the UK.
Set up in 2015, Dare Technology has developed the world’s first commercial scale portable wind turbine for ships. Called the HI-GEN, it is designed for use while vessels are at anchor or in port, attaching to the boom in order to provide free, clean electricity.
Dare Technology founder Darren Hayes said global opportunities for technology can reduce running costs in the marine industry and also reduce emissions. “Our aim is make this an essential piece of equipment on all commercial vessels,” he said.
Having filed a patent application on the HI-GEN last year, the company successfully tested a prototype of a 5kw turbine on the Irish naval ship LÉ Aisling.
Now the focus in on fundraising, to commercialise the turbine and to have it manufactured by a company in Cork.
Supported by Enterprise Ireland which has identified Dare Technology as a “high-potential start-up”, the company aims to employ a staff of five by 2017.
