Exemption from BIK for electric company cars

Exemption from BIK for electric company cars

As per today’s budget, the exemption from benefit in kind for employer provided electric cars or vans is extended to 31 December 2021.

A cap of €50,000 on the original market value (OMV) of the car or van that is exempt from BIK is applied from 1 January 2019.

Any amount of the OMV over €50,000 is taxable in the normal manner.

This exemption is limited to cars or vans which derive their motive power solely from electricity. In other words, there is no
exemption is available in respect of hybrid cars or vans

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie