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Benefit-In-Kind tax rules overturned for company cars

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By John Healy of Healy Insurances

Minister for Finance Michael McGrath has announced a temporary change for company-owned vehicles following a backlash from drivers whose Benefit-In-Kind (BIK) taxes increased substantially in January.

While the move to a CO2 based Benefit-In-Kind system, which incentivises the use of Electric Vehicles and lower emission cars, a significant number of employees with vehicles in the typical emissions range experienced large increases in their income tax liabilities since the start of 2023.

To address the issue, the Finance Minister has introduced a relief of €10,000 to be applied to the Original Market Value (OMV) of cars in Category A-D in order to reduce the amount of Benefit-In-Kind payable (this is not applicable to cars in Category E).

In effect, this means that, for the purposes of calculating BIK liability, employers may reduce the OMV by €10,000. This treatment will also apply to all vans and electric vehicles. For electric vehicles, the OMV deduction of €10,000 will be in addition to the existing relief of €35,000 that is currently available for EVs, meaning that the total relief for 2023 will be €45,000.

The upper limit in the highest mileage band is amended by way of a 4,000km reduction, so that the highest mileage band is now entered into at 48,001km.

These temporary measures will be retrospectively applied from 1 January 2023 and will remain in place until 31 December 2023. It is proposed to introduce the measures at Committee Stage of the Finance Bill 2023.

From an insurance perspective, if a vehicle is owned by a company then the motor policy in place must be in the company name and have full business use cover known as Class 2 cover. It is customary that the policy is on an open driving basis, usually aged 25 to 70. The cost for a company owned car policy can be higher than privately owned vehicles.

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Three Peaks Challenge to raise funds for Down Syndrome Kerry

This year’s Three Peaks Challenge, organised by Killarney Cycling Club will raise funds for Down Syndrome Kerry. The June 15 event,  the only one day cycle event Down Syndrome Kerry […]

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This year’s Three Peaks Challenge, organised by Killarney Cycling Club will raise funds for Down Syndrome Kerry.

The June 15 event,  the only one day cycle event Down Syndrome Kerry is associated with this year, promises to be a fabulous day of cycling and fun!.

The 100km route challenges the stronger cyclists and the 75km route gives cyclists the chance to become familiar with Moll’s Gap which is part of the Ring of Kerry route.
The cycle sets out from Killarney, heading out the Cork Road. The 75km route (one peak) turns right at Loo Bridge for Kilgarvan and onto Kenmare, while the 100km route, (three peaks) heads over the county bounds to Ballyvourney, onto The Top of Coom and then Kenmare. Both routes continue on over Moll’s Gap, passing through the picturesque Ladies’ View and back into Killarney, where all participants will be treated to a burger and drink at the finish line.

“We will guarantee plenty of laughs and refreshments along the way, there are two routes available; 100km or 75km, to meet all abilities, covering some of the most beautiful landscapes in Ireland. This is the perfect warm-up for anyone thinking of doing the Ring of Kerry cycle this year or anybody looking for a really well run sportive with great craic compulsory,” Chairperson of Killarney Cycling Club, Kevin Murphy.

All cyclists who register online will be entered into a raffle for some great spot prizes kindly donated by our sponsors, winners collecting their prize at the finish line.

Down Syndrome Kerry’s goal is to help people with down syndrome to make their own futures as bright and independent as possible by providing them with education, support and friendship every step of the way.
Funds raised from this cycle will help Down Syndrome to continue to provide vital services such as speech and language therapy, occupational therapy and job coaching to their members.
As Down Syndrome Kerry do not receive any government funding, they are totally dependent on your support to continue to make these services available to those who need them.
You can register for the cycle which is €40 for Cycling Ireland members, €20 for accompanied under 16’s on event master:- https://eventmaster.ie/event/dW04CnGSwV

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BAR 1661 is teaming up with Pig’s Lane for a night of cocktail mastery

BAR 1661, the winners of Ireland’s Bar of the Year 2022, are taking up temporary residency in Killarney’s first underground hotspot, Pig’s Lane for one night only on May 21. […]

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BAR 1661, the winners of Ireland’s Bar of the Year 2022, are taking up temporary residency in Killarney’s first underground hotspot, Pig’s Lane for one night only on May 21.

The dynamic team at Dublin’s BAR 1661, who have recently taken their talents to venues in Sweden, London, and the famous Dead Rabbit Bar in New York, are now hitting the road to Killarney for an epic takeover event.

Staunchly Irish and fiercely independent, BAR 1661 have two goals in mind; to introduce the world to Poitín and lift Irish cocktail culture to fresh heights.
Headed up by their founder Dave Mulligan, the Dublin team will transform Pig’s Lane on College Street for one night only. Since opening just a few months ago, Pig’s Lane has been raising the bar in Kerry with its cocktails, whiskey and wine offering. Kicking off at 6pm, experience a curated selection of Poitín-infused cocktails, featuring a bespoke rendition of BAR 1661’s drinks menu.

The crew will also serve up their unique take on the classic Irish Coffee with their Belfast Coffee, steeped with cold brew coffee, top-quality Irish Poitín, and rich demerara syrup. Guests will be able to chat with the team, get some insider knowledge on how to elevate their own cocktail-making skills, as well as learn insider tips on how to blend flavours to satisfy their own palette.

Two-time World Championship Mixologist and Drinks Development Manager for the O’Donoghue Ring Collection and Pig’s Lane, Ariel Sanecki said of the upcoming takeover: 

“We are very excited to welcome one of Ireland’s leading bars, BAR 1661, for an exclusive collaboration with us here at Pig’s Lane. This takeover is a great opportunity for people to meet with innovative mixologists who will be crafting bespoke creations right in front of them! We look forward to welcoming guests on the night, to what promises to be an epic event, featuring premium drink producers and unforgettable flavours.”

Before the takeover starts, drinks aficionados can join Dave for an intimate Poitín Masterclass. Attendees are invited to explore the diverse landscape of Poitín, accompanied by fascinating insights into its vibrant history and contemporary revival.

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