Benefit-In-Kind tax rules overturned for company cars
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.
Fire warning in National Park
The National Parks and Wildlife Service (NPWS) at the Department of Housing, Local Government and Housing has appealed to the public not to light fires or barbecues in public places […]
The National Parks and Wildlife Service (NPWS) at the Department of Housing, Local Government and Housing has appealed to the public not to light fires or barbecues in public places this summer.
As they appeal to the public to exercise renewed care and responsibility when outdoors the National Parks and Wildlife Service has increased ground crews on fire patrol and has ramped up aerial monitoring with helicopters and drones.
Minister for Housing, Local Government and Heritage Darragh O’Brien TD said:
“If you notice a fire, please call the emergency services on 112 immediately. NPWS teams are upping their patrols to identify potential fire incidents and act quickly should one break out. However as we know, prevention is better than cure, and we’re asking all members of the public to avoid lighting fires in open areas.”
Minister of State for Heritage and Electoral Reform Malcolm Noonan TD commented further:
“Our National Parks and Nature Reserves, coastal sand dunes, mountains and upland areas, forests, meadows and urban parks are all places where we enjoy spending time in nature, but they are also home to our precious wildlife and their vulnerable young. This is a really important time of year for wildlife, especially vulnerable ground-nesting birds and mammals who are now rearing their young. We all want to get out and enjoy the good weather but let’s do it responsibly – without putting nature at risk.”
The Director General of the NPWS, Niall O Donnchú, has also asked for everybody’s cooperation to protect nature and said:
“While NPWS has increased ground crews and monitoring from the air this week, we still need to enlist your help to protect nature at this high risk time. We ask that members of the public not light fires or barbecues in any National Parks or Nature Reserves, or indeed in nature generally. We are also asking that the public be vigilant and report any fire activity without delay.”
Killarney Looking Good Competition returns
Over three decades after it was first initiated, to help improve the aesthetic values of the town, the Killarney Looking Good Competition is back with a vengeance with a new […]
Over three decades after it was first initiated, to help improve the aesthetic values of the town, the Killarney Looking Good Competition is back with a vengeance with a new committee, new categories, new sponsors and a whole new approach.
When the project was first launched in 1991 it was a relatively low-key community event but it grew in importance with each passing year, culminating in some style when Killarney won the prestigious overall award in the national tidy towns competition in 2011.
After an enforced three-year absence since 2019, due to the pandemic, the competition has now been given a whole new lease of life and the 2023 version was officially launched this week by Mayor of Killarney, Cllr Niall Kelleher.
Awards will be presented in 26 different categories and high achievers in the business and residential community will be honoured at a gala prizegiving ceremony at the close of the tourist season.
This year two new categories are being introduced in memory of two remarkable people who played massive roles in keeping Killarney looking its best down through the years.
Yvonne Quill, who passed away last October, was the driving force behind the Killarney tidy towns campaign for several years and she was at the helm when the sought-after overall award was secured 12 years ago.
This year the Yvonne Quill Memorial Award will be presented to the volunteer of the year – a person who the adjudicators consider to be a standout contributor – in the overall effort to keep Killarney tidy.
Up to the time of his death in January 2020, Fr Michael Murphy was the public face of tidy towns and he played a huge part in Killarney, Kenmare and Sneem winning the overall national award in 2011, 2000 and 1987 respectively. Affectionately known as Fr Tidy, this year the Killarney Looking Good Competition will honour his memory with a special Pride of Place award.
In the business community, there will be awards for the best large and small commercial premises, best newly painted premises, best signage and the best retail award with prizes also for the most impressive hotel, public house, restaurant, café, guesthouse and best public building as well as the most improved premises.
In the residential categories awards will go to the best large and small estates, best private residence, best roadside garden, best floral display and best friendly planting award.
Other categories include a green hospitality award, a corporate special responsibility award, a restoration award, best school and a special biodiversity award.
Several highly commended awards will also be up for grabs and the winner of the prestigious overall award will be announced at the prizegiving ceremony.
The Killarney Looking Good Competition is organised by Killarney Chamber of Tourism and Commerce and Killarney Municipal District Council and the new committee comprises Sandra Dunlea – a daughter of the late Yvonne Quill – Kathleen Foley, John O’Mahony and Johnny McGuire who is spearheading the project.
MD O’Shea & Sons are the new overall sponsors of the competition and O’Mahony Media Ltd is the media sponsor.
The competition will run throughout the tourist season and businesses and residential areas will be monitored on an ongoing basis.
Fire warning in National Park
The National Parks and Wildlife Service (NPWS) at the Department of Housing, Local Government and Housing has appealed to the...
Killarney Looking Good Competition returns
Over three decades after it was first initiated, to help improve the aesthetic values of the town, the Killarney Looking...
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