Revenue has published eBrief No.107/15 which warns that outline approval for Employment and Investment Incentive (EII) from Revenue prior to 13 October 2015 may no longer be valid.

The incentive now operates under the European Commission’s State Aid rules general block exemption regulations which could mean that companies that were qualifying companies for the incentive prior to 13 October 2015 may now be excluded due to the conditions imposed by Article 21 of Commission Regulation (EU) 651/2014 of 17 June 2014.

Revenue eBrief No. 107/15 advises that any company which had received EII outline approval from Revenue prior to 13 October 2015 but had not raised EII funding by that date must now consider, before issuing shares, whether or not it is a qualifying company under the amended scheme.

You can read Revenue eBrief No. 107/15 here.