Tax Depreciation

Our Tax Depreciation Team consists of chartered engineers and tax professionals, who work extensively in preparing optimised and compliant tax depreciation reports (TDRs).

Certain expenditure on plant and machinery (P&M) may qualify for capital allowances over a period of eight years. Expenditure on certain energy efficient equipment may qualify for 100% write off in the year of expenditure. A comprehensive and considered TDR will optimise a claim for capital allowances which may reduce a company’s tax liability significantly.

Those who may avail of capital allowances include: 

  • property developers developing new buildings, retro-fitting or renovating existing buildings;
  • landlords / owner-occupiers carrying out refurbishment or fit-out projects; and / or
  • tenants who carry the burden of ‘wear and tear’ of qualifying P&M.

Identifying qualifying expenditure on P&M for capital allowances purposes is a complex area as there is no legislative definition as to what constitutes ‘plant’. Reference must therefore be made to the extensive body of case law and our experience. Whether an item of P&M qualifies must be determined by:

  • reference to the facts; 
  • the nature of the trade; and 
  • the function of the item in the trade

William Fry Tax Advisors was awarded Ireland Tax Firm of the Year and Impact Deal of the Year at the International Tax Review European Awards 2019 in London. 

Click on the image below to download our Tax Depreciation Reports.

Tax Depreciation Report

Our Tax Depreciation Team holds professional qualifications in:

  • taxation – AITI Chartered Tax Adviser (CTA)
  • construction project management;
  • town planning; and
  • chartered engineering. 

The team has gained considerable experience in the construction sector, both in consultancy and on site. Therefore with our combined technical skill-sets and knowledge-base we have the requisite experience to engage with construction design professionals to compile comprehensive Tax Depreciation Reports (TDRs) on behalf of our clients.

Recent work includes the preparation of TDRs for: 

  • a 6-storey office building over double story basement in the heart of Dublin;
  • a warehouse refurbishment into high specification office accommodation;
  • a protected structure converted into public amenity space; and
  • a considerable extension to an existing office building.

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  • "William Fry's commitment to client service is excellent", says one source, who also praises "their real breadth of knowledge and willingness to allocate the people required when there is a need for a quick turnaround." Another reports that the "technical depth, exposure and experience of the senior team set them apart." Chambers Europe 2018
  • "Sources assert that "from a technical perspective they are clear and direct." Interviewees also value the team's "responsiveness to client needs and commercial awareness." Chambers Europe 2017
  • William Fry’s practice includes Sonya Manzor, who ‘devises well-thought-out tax strategies’ for clients such as King Digital Entertainment. International tax specialist Shane Wallace recently handled various real estate tax structuring and transfer pricing issues. Legal 500 EMEA 2017
  • "The firm is very responsive and has great resources, including access to a global network of tax advisers, which benefits us internationally and is a fantastic asset. The firm's ability to provide both legal and tax advice really ensures everything fits together.Chambers Europe 2016
  • Martin Phelan leads a ‘highly professional’ team at William Fry. It advised the Department of Finance on the potential capital restructuring and sale of its 99% investment in Allied Irish Bank, and also assisted IAG and EirGen Pharma. The group also has a significant private client practice and notable property expertise. . Legal 500 EMEA 2016
  • "The lawyers are technically and commercially the best I have dealt with. I have always been very impressed with their well-thought-out and thorough advice. You can always get through to the partners and their brilliant associates." "This team is fantastic – always available and really responsive." Chambers Europe, 2015
  • "Martin Phelan's controversy practice is at the forefront of domestic contentious tax work and boasts an enviable client list." Who's Who Legal - Corporate Tax 2015 
  • William Fry’s ‘hands-on, straight-talking and practical approach’ finds favour with clients. Legal 500 EMEA, 2015 
  • "One of the most conscientious firms I have dealt with." "The team is knowledgeable and integrates well with other departments, which is very helpful." Chambers Europe, 2014 

Team

  • Martin Phelan
    • Martin Phelan International tax specialist Martin Phelan is described as a "top guy" and "very switched-on." Chambers Europe 2017
    • Leading consultant Martin Phelan is praised for "cutting to the chase" and being "technically very good."  Chambers Global, 2015 
    • Martin Phelan is 'extremely efficient and effective'.  Legal 500 EMEA, 2015
    • Martin Phelan is widely agreed to be one of the leading tax practitioners in Ireland. Clients appreciate that "he has his eye on the ball. He works with you one-on-one and has an ability to react very quickly." Chambers Global, 2014 
  • Sonya Manzor 
    • "I really admire the way that Manzor is able to review advice and drill into the key technical points and make very sensible, constructive comments on the tax issues," enthuses one highly impressed interviewee. Chambers Europe 2019
    • The "outstanding" Sonya Manzor is a key name in the corporate tax space. Legal 500 2018 
    • Clients describe her as "a very talented individual and creative thinker." She assisted with the sale of Phillips 66's interests in the Whitegate Oil Refinery. Chambers Europe 2018
    • Sonya Manzor is "well renowned for her technical expertise in a broad spectrum of tax matters, including inward investment, corporate reorganisations and M&A transactions". Chambers Europe 2017
    • Sonya Manzor is the firm's most prominent corporate tax lawyer, coming recognised for her "tremendous knowledge and experience. She understands direct and indirect tax in Ireland, the EU and the US. She is instrumental in coming up with creative ideas to get around the problems we face." Chambers Europe 2016
    • Sonya Manzor is "decisive and proficient, and knows about corporate issues. She also won't back down, but nor will she pick a fight for the sake of it."Chambers Global, 2015
    • Sonya Manzor "provides creative solutions". Legal 500 EMEA, 2015 
  • Ted McGrath
    • Ted McGrath debuts in the rankings this year on the back of strong client endorsements. "McGrath gives very pragmatic and direct advice," reports one pleased client, adding: "He can weigh up the commercial aspects of the deal." Chambers Europe 2019

Key Contacts

Shane Wallace Partner

Brian Duffy Partner

Martin Phelan Consultant