Finance Act 2024

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Amendment of section 118 of Principal Act (benefits in kind: general charging provision)

9. (1) Section 118 of the Principal Act is amended by the substitution of the following subsection for subsection (5H):

“(5H) (a) Subsection (1) shall not apply to expense incurred by the body corporate in, or in connection with, the provision, for a director or employee, in any of its business premises, of a facility for the electric charging of vehicles, where all the employees and directors of that body corporate can avail of the facility.

(b) Subsection (1) shall not apply to expense incurred by the body corporate in, or in connection with, the provision, without any transfer of property in it, for a director or employee, of a facility for the charging of an electric vehicle at the director’s or employee’s qualifying residence, where an electric vehicle, to which section 121 or 121A, as the case may be, applies, is made available to the director or employee.

(c) In this subsection—

‘electric vehicle’ has the meaning assigned to it by section 121;

‘qualifying residence’ means a residential premises situated in the State which is occupied by a director or employee, as the case may be, as his or her sole or main residence for the year of assessment concerned.”.

(2) Subsection (1) applies for the year of assessment 2025 and each subsequent year of assessment.