Finance Act, 2002

Amendment of Part 11 (capital allowances and expenses for certain road vehicles) of Principal Act.

28.—(1) Part 11 of the Principal Act is amended—

(a) in section 373(2)—

(i) by substituting “January 2001;” for “January 2001.” in paragraph (m)(ii), and

(ii) by inserting the following after paragraph (m):

“(n) €22,000, where the expenditure was incurred—

(i) in an accounting period ending on or after 1 January 2002, or

(ii) in a basis period for a year of assessment, where that basis period ends on or after 1 January 2002.”,

(b) in section 374(1), by substituting “the purposes of that section” for “the purpose of subsection (3) of that section”, and

(c) by deleting section 376.

(2) (a) Subsection (1)(b) applies as respects capital expenditure incurred on or after 1 January 2001.

(b) Subsection (1)(c) applies as respects expenditure incurred—

(i) in an accounting period ending on or after 1 January 2002, or

(ii) in a basis period for a year of assessment, where that basis period ends on or after 1 January 2002.