Short-term leases of plant and machinery
Revenue has published a new Tax and Duty Manual on section 80A TCA 1997 which deals with the taxation of short-term leases of plant and machinery.
Section 80A TCA 1997 provides that a lessor may elect to have wear and tear allowances in respect of such assets with a life expectancy of less than 8 years computed on the basis of the accounting depreciation of the assets.
Further details are set out in Revenue eBrief No. 44/15.