Finance Act 2023
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Amendment of section 121 of Taxes Consolidation Act 1997 | ||
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1. Section 121 of the Taxes Consolidation Act 1997 is amended in subsection (4A)— | ||
(a) in paragraph (aa)(i), by the insertion of “subject to paragraph (ab),” before “€35,000”, | ||
(b) by the insertion of the following paragraph after paragraph (aa): | ||
“(ab) Notwithstanding paragraph (a), the cash equivalent of the benefit of a car ascertained under paragraph (a), for the year of assessment 2023, shall— | ||
(i) where paragraph (aa)(i) applies, be computed on the original market value of the car reduced by— | ||
(I) the amount specified in paragraph (aa)(i), and | ||
(II)€10,000, | ||
and | ||
(ii) where subparagraph (ab)(i) does not apply, for the vehicle categories A, B, C and D set out in column (1) of Table B to this subsection, be computed on the original market value of the car reduced by €10,000.”, | ||
and | ||
(c) by the insertion of the following paragraph after paragraph (b): | ||
“(ba) For the year of assessment 2023, Table A to this subsection shall apply as if— | ||
(i) the lower limit of “52,001” shown in column (1) were replaced by “48,001”, and | ||
(ii) the upper limit of “52,000” shown in column (2) were replaced by “48,000”. |