Budget Confirms €5k VRT Rebate stays.. SEAI €5k EV Grant not mentioned.
The VRT increases start at band 9, so won't effect any BEVs & most PHEVs or hybrids.
Finally put to bed, the amount of scaremongering and ill informed opinion related to this both here and in certain aspects of the media was incredible.
What about the BIK
Well aren't they great
does the CAP for the SEAI grant stay the same @ 60K ?
There was no mention of Updates to the Cap so I assume so.
Sorry is that just the SEAI grant of €5000 that remains - what about the VRT rebate?
Personally, I'd like to thank Eamon.
Sound lad 😋
To be fair no change is what many on here expected and certainly what the trade intimated to us over the last few weeks. It would have been totally reckless to make any changes to less polluting vehicles at the time when many are considering their purchases for next year.
What I did not expect was the full grant to be continued up until end of 2023, but suppose they can change the value of eligible cars easily enough.
You would need to wake him up first
Have you never seen him dance?
He's an inspiration 😍
Ah, in fairness to the chap, there's a lot that we can rightly give him grief over, but can you imagine having to try and stay awake listening to the amount of waffle that goes on in that place? 😀
More to the topic at hand. This news is a blessed relief, as I was worried my car would suddenly be €5k more expensive because it looks like it won't be ready this side of Christmas.
Would have been nice to have an increase in relief, but as long as it's not going down, I won't complain.
To be fair the department of Finance published a paper recently recommending a reduction in VRT relief for cars over 30k so the commentary wasn't ill informed.
Thankfully the bean counters don't get their way all the time.
Has the VRT rebate changed /and or the ability to import an Ev from NI , VRT free (once the EV has been registered in NI pre 31/12/20)
The way I heard it the VRT relief was extended, but no mention of the SEAI grant being extended?
So this means cars that were bought this year that won’t be delivered till January will have the new plates?
Saw this on Facebook
Budget 2022: Tax Policy Changes for EVs (may be other changes?)
Edited OOriginal title as I got wires crossed. Information unclear still on SEAI Grant it seems.
They were always going to. You can’t register cars that are not here
Even if they wanted to register them for the grants?
I do hope they retain SEAI grant as VRT relief is not reaching 5k.
I think they should give it another year and give people plenty of notice before they start to taper it down over a couple of years. I think a decision to end it before then would seriously reduce the sales of electric cars, which would be a shame considering the momentum that's building.
You could see the Greens being prepared to sacrifice it if it means that more money will go into greener public transport.
Over €100m is being provided towards making the switch to electric vehicles. Specifically grant support is being provided for the:
Taken from: gov.ie - Budget 2022 to help transform how we travel (www.gov.ie)
Think this looks like the grant will also be continued?
Hope so anyway!
Even then.
From the RTE website:
"€5,000 relief for Battery Electric Vehicles until 2023"
Fair point on the snoozer... You won't be getting 5k off your new car, it will be more like ~€3k but at least it's something
until they announce the CAPS/BANDS on both types we are none the wiser
The sweet spot is a car of value of exactly €40K which would recieve the full €5K VRT and €5K SEAI grants, bringing the cost down to €30K
Currently they are
VRT :
"Vehicles with an Open Market Selling Price (OMSP) of up to €40,000 will be granted relief of up to €5,000. Vehicles with an OMSP of greater than €40,000 but less than €50,000 will receive a reduced level of relief. Reliefs have been removed for any electric vehicles above €50,000."
SEAI :
A maximum grant of €5,000 is available for qualifying electric vehicles when purchased privately. Approved EVs with a List Price of less than €14,000 will not receive a grant. As of 1st July 2021 there is a cap of €60,000 on the full price of all vehicles. The full price of the vehicle to the customer includes all optional extras, paint and delivery for excludes any incentives such as grants or rebates.
Isn't VRT 7% for all BEVs though? 7% of €40k is just €2,800 in VRT relief.
As someone said earlier, the €5k VRT relief is impossible to achieve these days, since the rate was reduced to 7%.
Yes, the 5k rebate was relevant when VRT was 14%. Even Revenue's website is wrong as VRT for electric cars is 7%
Here is the VRT manual, page 21 says :
So if I understand correct this can be plotted like:
Where horizontal axis is the OMSP and vertical VRT rebate/VRT payable. I hope I understood this correctly.
So to maximize the current grants the OMSP should be €49,999, I think ?
