S.L. 517.3 Art. 3Taxable value of used pleasure boats. Numberof Months of Ownership 0 – 12 13 - 24 25 - 36 37 - 48 49 - 60 61 - 72 73 - 84 85 - 96 97 - 108 109 - 120 121 - 132 133 - 144 145 - 156 157 - 168 169 - 180 181 - 192 193 - 204 205 - 216 217 - 228 229 - 240 241 - 252

Without prejudice to the relevant provisions of the applicable revenue acts, the taxable value of a supply or an importation of a used pleasure boat computed in accordance therewith shall be adjusted, if at all necessary, such that the taxable value of that supply or importation would be not less than the amount which would have been payable if the total value of the used pleasure boat when it was originally acquired by the supplier or importer was annually reduced by the applicable percentage rates as specified in the Schedule to these regulations during the period when the supplier or importer had uninterrupted legal title to the used pleasure boat:

Provided that the Commissioner for Revenue may accept a taxable value for the supply of the used pleasure boat which is lower than the amount adjusted as afore-said where the Commissioner for Revenue is satisfied following appropriate evidence provided to him that there are bona fide reasons for such lower taxable value. The use of the Commissioner’s discretion under this rule shall not be questioned in any appeal.

SCHEDULE (Regulation 3)

In this Schedule, "A" represents the total value of the consideration paid by the supplier or the consideration paid by the importer, as the case may be, when such supplier or importer had originally acquired legal title to the used pleasure boat.

The percentage rates for the purpose of regulation 3 are listed hereunder:

"A" is "A" is "A" is "A" is "A" is "A" is in between between between between less than excess of €500,000 - €10,000,001 - €25,000,001- €55,000,001-€500,000 €75,000,000 €10,000,000 €25,000,000 €55,000,000 €75,000,000

20% 20% 15% 15% 10-12% 8% 10% 8-10% 10% 10% 5-8% 2-5% 10% 8-10% 10% 10% 5-8% 2-5% 10% 8-10% 10% 10-12% 5-8% 2-5% 10% 20% 20% 15% 10-12% 5% 7% 5% 5% 5% 7.5% 2% 7% 5% 5% 5% 7.5% 2% 6% 2% 2% 2% 2% 1.5% 5% 2% 2% 2% 2% 1.5% 5% 2% 2% 2% 2% 1.5% 0% 2% 2% 2% 2% 1.5% 0% 2% 2% 2% 2% 1.5% 0% 2% 2% 2% 2% 1.5% 0% 2% 2% 2% 2% 1.5% 0% 2% 2% 2% 2% 1.5% 0% 0% 0% 0% 0% 1.5% 0% 0% 0% 0% 0% 1.5% 0% 0% 0% 0% 0% 1.5% 0% 0% 0% 0% 0% 1.5% 0% 0% 0% 0% 0% 1.5% 0% 0% 0% 0% 0% 1.5%