Written by Sheena Doggett, A & L Goodbody Share Schemes Unit,
originally published in European Legal Business.
The Irish Minister for Finance announced, in his December, 1998 Budget, the further development of profit sharing arrangements making them more attractive for Irish companies and their employees, with the extension of the tax relief to new Save As You Earn Schemes. Tax relief already exists for certain approved Profit Sharing Schemes.
The initiative, outlined in the Finance Bill published in February, 1999, is based broadly on the UK model for SAYE Schemes, which allows employees to save a portion of their gross salary over a fixed period and to use the savings to buy shares in their company at a future date.
