Revenue has published a new Tax and Duty Manual regarding scenarios where section 299(1) TCA 1997 applies to the leasing of machinery and plant. This section provides that where the burden of wear and tear of a leased asset falls on the lessee, they may be entitled to claim capital allowances on the leased asset. The manual sets out when section 299(1) applies to a lease and outlines the tax implications for both lessors and lessees.
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