Capital Allowances - tractors
10/05/2001
Query
Is the amount of the wear allowances available for farm tractors 15% of actual cost or 20% on a reducing balance basis.
Decision
In strictness farm tractors would be regarded as vehicles suitable for the conveyance by road of persons or goods or the haulage by road of other vehicles and therefore the reducing balance method should apply. Revenue is prepared to accept a claim for allowance based on 15% of the actual cost.
Income Tax
Section 284, Taxes Consolidation Act, 1997
Origin: Office of the Chief Inspector of Taxes
File ref:99gm127