BIK Exemption for Electric vehicles
Finance Act 2017 introduced an exemption from benefit-in-kind in relation to company electric vehicles.
An electric vehicle is one that derives its motive power exclusively from an electric motor, as such hybrid vehicles do not qualify for this treatment.
Where an electric vehicle is first provided after 10 October 2018 the employee’s private use of that vehicle will be
fully exempt for the period 1 January 2019 to 31 December 2021 where the original market value of the vehicle is €50,000 or less.
But where the original market value (OMV) of the electric vehicle exceeds
€50,000, a partial exemption is available for the tax years 2019 to 2021, granted by reducing the OMV by €50,000 when calculating the cash equivalent for the vehicle
Subject to qualifying conditions and criteria
Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie