Wear & Tear Allowance - Motor Vehicle

M

mbrewster

Guest
Wear & Tear Allowance - Motor Vehicle

Am I correct in understanding this allowance is available on a private motor car.
The rate being 12.5% of expenditure incurred after 4/12/2002 with a cost limit of €22,000.
Would this mean I have to include the car as a Fixed Asset and what other implications would follow.
 
Thanks Clubman...it looks like its either flat mileage rate or actual expenses including wear & tear.
 
Re: Wear & Tear Allowance - Motor Vehicle

Can I just confirm my thinking on this is correct and valid. (The links above are no longer working)

As a self employed person, I can claim 12.5% Capital Allowance on the value of my car (subject to a maximum allowable value of €23,000) less percentage addback for personal use

Is this correct??
 
Re: Wear & Tear Allowance - Motor Vehicle

Correct. Although for 2008 ( before 01/07/08 ) the rate is €24,000. After 01/07/08 ther are a whole new set of rules on motor vehicle cap allces based on CO2, (Section 380LTCA1997)
 
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