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Accelerated Capital Allowances on EVs

  • 19-10-2021 8:58pm
    #1
    Gumbyman2000
    Registered Users, Registered Users 2 Posts: 67 ✭✭


    Hi folks,

    Trying to figure out if the ACA for EV applies only to the purchase of new EVs or if it also covers used EVs but getting mixed messages on the SEAI site. Anyone here have any experience on the matter? I'm a Sole Trader, if that matters.

    Thanks!



Comments

  • #2
    the_amazing_raisin
    Registered Users, Registered Users 2 Posts: 12,417 ✭✭✭✭the_amazing_raisin


    I don't have experience but my guess is that it won't be allowed for a used EV since that will have already availed of purchase grants

    Best approach is to probably email SEAI. You'll also need to get your accountant on board, since I believe they need to claim the ACA as part of your tax return

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • #3
    DublinDilbert
    Registered Users, Registered Users 2 Posts: 5,401 ✭✭✭DublinDilbert


    https://www.boards.ie/discussion/2058213900/accelerated-capital-allowances-on-evs

    It does very much matter that you are a sole trader when it comes to this. As you are a sole trader you are the legal entity, so you are buying the vehicle in your own name, you are not buying it via a company.

    The SEAI website isn't very clear on this (especially for sole traders), I guess one of the reasons is that ACA's are a revenue instrument. I was not able to find a definitive answer to whether the vehicle needs to be new or if ACAs could be claimed on a demo model etc. I think with ACAs for this or any other purchase an element of judgment is required, if you do have an accountant they should be able to advise further.



  • #4
    innrain
    Registered Users, Registered Users 2 Posts: 2,172 ✭✭✭innrain


    3. Conditions The energy-efficient equipment must be new.....

    From this document page 4

    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-09/09-02-04.pdf



  • #5
    Gumbyman2000
    Registered Users, Registered Users 2 Posts: 67 ✭✭Gumbyman2000


    Hi guys - thanks a mill both of you for the replies here. Innrain that doc was very useful - hats off to you for finding that! I have just logged a call with Revenue on the new / used question (although I think I know the answer to that one now) and also whether it applies to Sole Traders. I will update this post with the response. Thanks again for taking the time, much appreciated.



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