Dept Confirm to IFA that Accelerated Capital Allowances on Slurry Storage will be available for Three Years
It has been confirmed to IFA that accelerated capital allowances on slurry storage will be available for three years, according to IFA Farm Business Chair Rose Mary McDonagh.
The then Minister for Finance, Paschal Donohoe, announced on Budget Day a scheme of accelerated capital allowances for the construction of slurry storage.
In the Budget 2023, Tax Policy Changes document that was subsequently published by the Department of Finance, it states that this scheme would be open for three years. The cost of the facilities could be written off over two years, rather than the seven-year period that previously applied for such capital expenditure.
Rose Mary McDonagh said, “It’s understood that the eligible period for these measures was initially set for six months – to June 2023 – in the Finance Bill due to the EU Agricultural Block Exemption Regulations (ABER) requiring updating as happens with many taxation measures related to agriculture.”
Ms McDonagh concluded, “Subsequent to the publication of the Finance Bill, in November last, IFA received confirmation from the Department of Agriculture that once the ABER is approved, the Department of Finance will put the appropriate legislation in place to extend this measure beyond June 30th next, as intended”.
