BIK on company EVs

[mc-BigE]

Any news about the 10K additional reduction staying in 2024 in todays budget?

from revenue website:

"2023 to 2025 extension of exemption​

Your may choose to make an electric car available to your employee for private use in the future. Partial relief will apply in respect of cars made available between 1 January 2023 and 31 December 2025.

This relief applies by reducing the Open Market Value (OMV) of the vehicle. The reduction which applies is as follows:

• €35,000 in respect of cars made available during 2023
• €20,000 in respect of cars made available during 2024
• and
• €10,000 in respect of cars made available during 2025.

Where the relief reduces the OMV to nil, a BIK charge will not arise. Any OMV in excess of the reduction is liable to BIK in the usual manner.

For 2023, an additional reduction of €10,000 can be applied to the OMV. This is provided for in the Finance Bill 2023."

 

[Savvy]

In short the new measures mean that the reduction in the OMV for BIK purposes is

€45,000 in 2024 (the additional €10,000 reduction will apply for 2024 as it did for 2023)
€35,000 in 2025
€20,000 in 2026
€10,000 in 2027

 

[mc-BigE]

In short the new measures mean that the reduction in the OMV for BIK purposes is

€45,000 in 2024 (the additional €10,000 reduction will apply for 2024 as it did for 2023)
€35,000 in 2025
€20,000 in 2026
€10,000 in 2027

Thanks for this, regarding the additional 10K for 24 , was that said yesterday? Or is that from earlier this year?

 

[Zenith63]

Thanks for this, regarding the additional 10K for 24 , was that said yesterday? Or is that from earlier this year?

It’s in the budget policy doc from yesterday - https://www.gov.ie/pdf/?file=https:...dae-eb4f-401c-b997-9bb3e9a3cc95.pdf#page=null