Terence Flanagan (Dublin North East, Fine Gael)
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Question 70: To ask the Minister for Finance the position regarding the seed capital scheme in respect of persons (details supplied) in Dublin 13; and if he will make a statement on the matter. [25832/12]

Michael Noonan (Limerick City, Fine Gael)
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To qualify for relief under the seed capital scheme the activities of the company, in which the investment is made, are required to constitute a qualifying new venture. A qualifying new venture means a venture consisting of trading activities, which are set up and commenced by a new company other than

Michael Noonan (Limerick City, Fine Gael)
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(a) a trade which was previously carried on by another person and to which the company has succeeded or

(b) a venture which was previously carried on as part of another person's trade.

If an individual establishes a new company that takes over a trade that was previously carried on by another person then the investment in the shares of the new company will not qualify for seed capital relief.