Why an Irish private equity firm wants movement on angel tax relief
Elkstone is calling for the terms of Enterprise and Investment Incentive (EII) legislation to be amended to get much needed equity to Irish early-stage ventures and to encourage a culture of angel investing here similar to the United States.
According to Alan Merriman, Chairman “The Irish venture ecosystem needs further development to compete with the leading start-up centres of London, Berlin, Paris, New York and San Francisco…success begets success and Ireland Inc. needs to be doing more here.” He added, “The most effective way to achieve a culture of private investors systematically supporting early-stage venture is to encourage them to invest via normal commercial venture fund structures so they get strong diversification and the protections this offers whilst simultaneously allowing them still enjoy the benefits of EIIS to encourage this much needed risk taking.”
With the full support of Scale Ireland; Tech Ireland; Euronext and Irish Venture Capital Association, Elkstone is calling for one small amendment to the terms of the EII legislation. Tax policy already supports private individuals investing in early-stage companies, this tweak will simply and much more eloquently better enable this, and most importantly can be a real catalyst to a much more meaningful policy impact.
Read the full interview which appeared in The Currency today – Why an Irish private equity firm wants movement on angel tax relief