Taxes Consolidation Act 1997 section 376

Restriction of deduction in respect of running expenses of cars

Section 376 originally restricted the amount of running expenses allowed as a tax deduction in respect of cars whose cost exceeded a specified threshold, mirroring the capital allowance restriction for expensive cars.

• Section 376 was repealed by section 28(1)(c) Finance Act 2002.
• The repeal took effect for expenditure incurred in accounting periods ending on or after 1 January 2002 (or basis periods ending on or after that date).
• While in force, the section reduced the deduction for car running expenses where the cost of the car exceeded the "relevant amount" threshold.
• The relevant amount threshold rose in stages from €17,776.33 (£14,000) before 23 January 1997 up to €21,585.55 (£17,000) for periods ending on or after 1 January 2001.