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Inquiry Regarding Allowances (ACA) for Electric Vehicle for Sole Traders

  • 09-07-2024 1:05pm
    #1
    konline
    Registered Users, Registered Users 2 Posts: 320 ✭✭


    Hello, I'm a sole trader interested in claiming Accelerated Capital Allowances (ACA) for purchasing an electric car.
    Can anyone clarify if sole traders are eligible, whether the claim is made before or after the purchase, if it can be claimed in one go or
    spread over multiple years, and any other important conditions or limits?

    I called Revenue made a reference of the following document, but the person I spoke to wasn't fully aware of it and suggested I send an email query. I'm wondering if anyone in this group has availed of this benefit.

    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-09/09-02-04.pdf
    Any insights would be appreciated! Thank you.



Comments

  • #2
    Padraig Mor
    Registered Users, Registered Users 2 Posts: 9,610 ✭✭✭Padraig Mor


    https://www.boards.ie/discussion/2058358912/inquiry-regarding-allowances-aca-for-electric-vehicle-for-sole-traders

    Sole traders are eligible. You can also claim a portion if you work as a sole trader part time.

    Claim can be made when you're doing your tax for the relevant year - so up to November 2025 for 2024.

    ACA by definition is 'accelerated' so you claim it all in Year 1 rather than over 8 years.

    Limit is up to a max value of €24000 - so if your new Merc EV is €100k, you're still only getting €24k relief max.



  • #3
    maidhc
    Registered Users, Registered Users 2 Posts: 7,722 ✭✭✭maidhc


    Crazy you can only get 24k capital allowances on a car. 10 years or so ago when that figure was adopted you could get a half decent family car for that money, but definitely not now.

    Pity the greens got rid of aca for PHEVs.



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