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Benefit-in-kind: emissions-based calculations
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9. (1) Section 121 of the Principal Act is amended, in subsection (4A), by the insertion of the following paragraph after paragraph (a):
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“(aa) Notwithstanding paragraph (a), where a car in respect of which this subsection applies is an electric vehicle, the cash equivalent of the benefit of the car ascertained under paragraph (a) shall be computed on the original market value of the car reduced by:
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(i) €35,000 in respect of a car made available in the period 1 January 2023 to 31 December 2023;
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(ii) €20,000 in respect of a car made available in the period 1 January 2024 to 31 December 2024;
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(iii) €10,000 in respect of a car made available in the period 1 January 2025 to 31 December 2025.”.
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(2) Section 121A of the Principal Act is amended in subsection (2)(b)—
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(a) in subparagraph (v)(III), by the substitution of “employment,” for “employment, and”,
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(b) in subparagraph (vi), by the substitution of “€50,000, and” for “€50,000.”, and
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(c) by the insertion of the following subparagraph after subparagraph (vi):
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“(vii) where a van is an electric vehicle, the cash equivalent of the benefit of the van ascertained under subsection (3) shall be computed on the original market value of the van reduced by:
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(I) €35,000 in respect of a van made available in the period 1 January 2023 to 31 December 2023;
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(II) €20,000 in respect of a van made available in the period 1 January 2024 to 31 December 2024;
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(III) €10,000 in respect of a van made available in the period 1 January 2025 to 31 December 2025.”.
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