AI Summary of 285A. Acceleration of wear and tear allowances for certain energy-efficient equipment.
This section defines critical terms related to energy-efficient equipment and outlines the framework for capital allowances under the Taxes Consolidation Act 1997. It specifies that equipment eligible for enhanced wear and tear allowances must comply with established energy-efficiency criteria and be listed on a specified list maintained by the Sustainable Energy Authority of Ireland (SEAI).
Notably, allowances are subject to conditions regarding the equipment's usage, expenditure thresholds, and temporal restrictions. The Minister for Communications, Climate Action and Environment is empowered to set energy-efficiency criteria, ensuring compliance with defined performance standards and certifications, thus providing a structured approach to promoting energy efficiency.
285A. Acceleration of wear and tear allowances for certain energy-efficient equipment.
(1) In this section -
'energy-efficiency criteria' has the meaning given to it by subsection (4);
'energy-efficient equipment' means equipment complying with the energy-efficiency criteria and named on the specified list;
'fossil fuel' means coal, oil, natural gas, peat or any derivative thereof intended for use in the production of energy by combustion;
'relevant period' means the period commencing on the date of the making of the Taxes Consolidation Act 1997 (Accelerated Capital Allowances for Energy Efficient Equipment) Order 2008 (S.I. No. 399 of 2008) and ending on 31 December 2030;
'SEAI' means Sustainable Energy Ireland - The Sustainable Energy Authority of Ireland;
'specified list' has the meaning given to it by subsection (2A);
'Table' means the Table in Schedule 4A.
(2) Subject to this section, where for any chargeable period a wear and tear allowance is to be made under section 284 to a person which has incurred capital expenditure on the provision of energy-efficient equipment for the purposes of a trade carried on by that person which at the time it is so provided is unused and not second-hand, section 284(2) shall apply as if the reference in paragraph (ad) of that section to 12.5 per cent were a reference to 100 per cent.