S.L. 123.124 Art. 3Deduction.

(1) Where a qualifying person incurs qualifying expenditure in the year preceding the year of assessment, a deduction shall be allowed against the said person’s income charged to tax for such year of assessment. The said deduction shall be equivalent to 150% of the cost incurred in the case of an electric vehicle and 125% of the cost incurred in the case of a hybrid vehicle.

(2) The total deduction claimed under these rules as aforesaid shall not exceed forty thousand euro (€40,000) in the case of an electric vehicle and thirty thousand euro (€30,000) in the case of a hybrid vehicle.

(3) Where a deduction is claimed under these rules, no deduction in respect of wear and tear may be claimed in respect of the same electrical vehicle.

(4) Any grant or other benefit received from the Government in respect of a vehicle to which these rules apply shall be deducted from the cost incurred for the purpose of calculating the deduction allowable under this rule.