Section 121 of the Taxes Consolidation Act 1997 is amended in subsection (4A) -

(a) in paragraph (aa)(i), by the insertion of "subject to paragraph (ab)," before "€35,000",

(b) by the insertion of the following paragraph after paragraph (aa):

"(ab) Notwithstanding paragraph (a), the cash equivalent of the benefit of a car ascertained under paragraph (a), for the year of assessment 2023, shall -

(i) where paragraph (aa)(i) applies, be computed on the original market value of the car reduced by -

(I) the amount specified in paragraph (aa)(i), and

(II) €10,000,

and

(ii) where subparagraph (ab)(i) does not apply, for the vehicle categories A, B, C and D set out in column (1) of Table B to this 25 subsection, be computed on the original market value of the car reduced by €10,000.",

and

(c) by the insertion of the following paragraph after paragraph (b):

"(ba) For the year of assessment 2023, Table A to this subsection shall apply as if -