(1) Notwithstanding section 502, a specified individual who makes a relevant investment in a qualifying company, the activities of which constitute a qualifying new venture, shall be entitled, subject to subsections (2) and (3), to relief in respect of that relevant investment, which shall be given as a deduction from his or her total income for the year of assessment in which the shares are issued.
(2) In a year of assessment, the maximum relevant investment in respect of which a specified person can make a claim under subsection (1) is €100,000.
(a) Subject to this subsection, a specified individual may, in relation to a relevant investment made by such individual (being that individual's first such investment), elect by notice in writing to a Revenue officer to have the relief due given as a deduction from such individual's total income for any one of the 6 years of assessment immediately before the year of assessment in which the eligible shares in respect of that investmen
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