Budget 2024, announced this afternoon by Minister for Finance Michael McGrath, contains some measures specific to motoring: :
– The excise increase on fuel which was set to come on 31st October will now be delayed until next year. The increases on petrol, diesel and marked gas oil will now be split between two equal increases on 1st April and 1st August 2024.
– Employees with an electric company vehicle will see an overall benefit-in-kind market value relief of €45,000 in 2024.
– There will be an extension of the VRT relief for battery electric vehicles for another two years to the end of 2025.
– There will be no increases in VRT for electric vehicles or internal combustion engine vehicles.
– There will be an increase in carbon tax from 11th October as scheduled.
– Accelerated capital allowances on electric vehicles – extended for three years.