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Taxi licensees to benefit under Finance Bill
Irish Times - David Labanyi 31
Jan 2001
The Department of Finance today published the preliminary list of measures which will comprise the upcoming Finance Bill.
The Bill includes a range of proposals including the implementation of the move to tax credits, aligning the tax year with the calendar year and conversion to the euro.
The Bill also allows taxi drivers to write off the cost of taxi licenses as a capital allowance. The Bill will provide a write-off period of five years and the back dating of the commencement period to 21 November 1997.
Loopholes which previously allowed people to take advantage of certain tax relief packages will also be closed in the new Bill.
The Bill also proposes a number of adjustments to taxation arrangements for life assurance companies including the exemption of charities investing from tax.
Various tax incentives arising out of the Report on the Commission on the Private Rented Residential Sector including the extension of section 23 incentives on a targeted basis and rollover relief from capital gains tax will be made available to landlords if after selling one property for rented accommodation, they purchase another for the same purpose.
Concession on taxi allowances
Irish Times J anuary 27, 2001 - Mary Canniffe
Taxi drivers will be able to write-off the cost of a taxi licence over five years instead of the seven years initially proposed, according to the details of the Finance Bill Preliminary List. But there will be restrictions where one person owns more than one licence. The List sets out the conditions for capital allowances for existing taxi licence owners.
A full write-off over five years of the actual vouched cost of the licence backdated for three years to November 21st 1997 will be allowed. A licence owner who drives his own taxi will be able to write-off of the full capital cost of the licence against his trading income over a five-year period.
A licence owner who drives a vehicle and rents it out on a part-time basis will be able to set the licence cost off against his trading and his rental income.
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