Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

In 2012, €13.4 million was invested in 78 companies by 352 investors in respect of which the cost to the Exchequer was €4 million. In 2013, €42.4 million was invested in 190 companies by 1,028 investors, in respect of which the cost to the Exchequer was €12.4 million. In 2014, €62.7 million was invested in 239 companies by 1,395 investors, in respect of which the cost to the Exchequer was €18.8 million.

I have some supplementary information which may go over the same ground. In 2013, the employment investment incentive, EII, cost €12.4 million, with 1,028 investors investing in 190 companies. Provisional information for 2014 indicates that the cost of EII is likely to be in the region of €18.8 million with 1,395 investors, including five EII funds and 239 companies. The restriction applies when an individual avails of tax reliefs of more than €80,000. The following table shows the number of EII investors who invested in excess of €80,000 in qualifying SMEs.

These statistics would imply that the removal from the higher earners restriction has succeeded in encouraging more individuals to invest in qualifying SMEs.