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New BIK calculations

  • 26-10-2008 4:22pm
    #1
    corkandproud
    Registered Users Posts: 515 ✭✭✭


    Just wondering if any details have been announced?


Comments

  • #2
    Damien360
    Registered Users, Registered Users 2 Posts: 6,564 ✭✭✭Damien360


    Nothing on the revenue site yet. This is due to change in the new year to a CO2 based system. I would'nt be too hopeful on any savings though. Government just pulled back on medical cards for old people and need to find a lot of money. Safe bet that the car owner will get hit for this and they will call it an environmental tax on the rich.

    Bet you feel rich when you drive a 125bhp diesel Mondeo and your ass hurts from doing 30,000 miles a year !


  • #3
    corkandproud
    Registered Users Posts: 515 ✭✭✭corkandproud


    I wonder with the CO2 apply to pre July08 cars?


  • #4
    -Chris-
    Closed Accounts Posts: 12,035 ✭✭✭✭-Chris-


    If you want an idea of how it's going to work, have a look at the UK BIK regime - I'd expect that the Revenue/Gov't will base any new system for us on their system.

    I'd expect it to apply to all cars, no matter when they were registered or produced.
    If you look at the current system, you get BIK'd on the OMSP of the car no matter how old the car is. If you drive a 10 year old car worth €5k that cost €100k new, you're BIK'd on €100k. They're not afraid to paint with broad strokes...

    You may see an increase on the BIK payable by "perk" drivers, but this is a pro-business government and so they're not going to implement a change that makes it harder for businesses to do business.
    They probably won't want to overtax people who need the car for their work (sales reps etc.). I'd base this assumption on the fact that drivers who drive vans or who do big annual mileage pay significantly less BIK than perk drivers under the current system.


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