Raising money for any arts-related project is far from easy, with most such initiatives lacking any track record with which to impress potential investors.

One way of getting around this, at least in the case of musicians, is to establish a business expansion scheme (BES). A BES allows investors in a fledging business to benefit from tax relief on their outlay, making it slightly easier to loosen the purse strings for a risky investment.

The BES was introduced in 1984 and was intended to run until 1987. It has been extended several times since then, with the latest extension taking it to the end of 2003. It is open to any Irish taxpayer and investors get upper-rate tax relief on a maximum investment of €31,750 per year.

For a musician or band to establish such a scheme, they must be "new" or have sold no more than 5,000 albums. They must submit a business plan to the Minister for Arts, Heritage, Gaeltacht and the Islands, who will then determine how much money can be raised. The Revenue Commissioners must also approve the scheme.

In deciding whether to certify a BES, the Minister considers issues such as the numbers employed in the project, the amount of money to be spent in the Republic as part of the project and the extent to which the artists will be based in the Republic.

A group or solo artist is permitted to raise a maximum of €750,000 under a BES.

Once established, a scheme must run for five years, with non-repayment of investor contributions over this time a condition of tax relief. As soon, as the five years are up, the artists will buy back the investors' shares at market value.