While I have sympathy for the person concerned, I do not intend to provide for any additional measures beyond the provisions of the capital allowance scheme contained in the Finance Act, 2001.
The Finance Act, 2001, provides for a new scheme of capital allowance for expenditure incurred on the cost of taxi licences acquired on or before 21 November 2000. The allowances are effectively backdated with the cost being deemed to have been incurred on 21 November 1997 where the licence was purchased prior to that date. The actual cost of the licence can be written off over five years at the rate of 20% per annum in line with the new write-off period for capital allowances for plant and machinery. The write-off will only be allowed against the trading income only of the licence owner who drives the taxi. However, if additionally, the same vehicle is rented out on a part-time basis then the cost can be written off against the trading income and the rental income from the vehicle in question.