508C. Statement of qualification (SURE) by qualifying company

(1) A qualifying company shall issue to a specified individual a statement of qualification (SURE) in respect of a relevant investment.

(2) For the purposes of this Part a ‘‘statement of qualification (SURE)’’ is a statement by the company to the effect that the company is a qualifying company.

(3) The statement of qualification (SURE) shall also——

(a) contain——

(i) in respect of the company, the company’’s name, address and tax reference number,

(ii) in respect of the share issue, the date of share issue, the class of share issued, the amount subscribed and the number of shares issued,

(iii) in respect of the individual, the individual’’s name, address and PPS Number,

(iv) the date on which 30 per cent of the amount raised has been expended on a qualifying purpose,

(v) the amount of the investment which qualifies for relief under section 507, after any reduction required by section 497 or section 508R, and

(vi) such other information as the Revenue Commissioners may reasonably require,

(b) be in such form as the Revenue Commissioners may direct, and

(c) contain a declaration that it is a ‘‘statement of qualification (SURE)’’ made under this section.

(4) A qualifying company may not issue a statement of qualification (SURE) in respect of a relevant investment——

(a) until it has spent 30 per cent of the amount raised on a qualifying purpose, or

(b) more than two years after the end of the year of assessment in which the shares were issued.