Taxes Consolidation Act 1997 section 373

Interpretation (Part 11)

Section 373 contains the interpretation provisions for Part 11, identifying the vehicles to which the Part applies and defining the "specified amount" thresholds that determine when the cost-based restrictions on capital allowances and running expenses bite.

• Part 11 applies to ordinary motor cars but not to commercial type vehicles such as lorries, delivery vans or buses.
• The restrictions in Part 11 only operate where the cost of a car exceeds a "specified amount" that varies by reference to when the expenditure was incurred.
• The specified amount has been increased on numerous occasions since 1973, reaching €24,000 for accounting or basis periods from 1 January 2007 onwards.
• Part 11 is to be construed as one with Part 9, except that in section 375 the reference to capital expenditure is read without regard to section 316(1).