I have started a new career as a taxi driver.
At the moment,I'm renting a taxi, but will be looking to purchase my own taxi.
My question is about accelerated capital allowance of 40% that is allowed on the purchase of a taxi .
My tax year runs to Dec 31st,so if I buy a car on say Dec 1st for say €20,000 do I get €8k allowance for this year,or is there some apportionment rule?(ie do I only qualify for 1/12th of the allowance in the first year?)
Also,does it matter at all if the item is new or second hand?
At the moment,I'm renting a taxi, but will be looking to purchase my own taxi.
My question is about accelerated capital allowance of 40% that is allowed on the purchase of a taxi .
My tax year runs to Dec 31st,so if I buy a car on say Dec 1st for say €20,000 do I get €8k allowance for this year,or is there some apportionment rule?(ie do I only qualify for 1/12th of the allowance in the first year?)
Also,does it matter at all if the item is new or second hand?