Taxes Consolidation Act 1997 Schedule 32 paragraph 23

Farming: Application of Section 658 in Relation to Expenditure Incurred: before 27 January 1994

Paragraph 23 of Schedule 32 preserves the capital allowance regime for farm buildings and farm works expenditure incurred before 27 January 1994.

• Qualifying farm expenditure incurred before 27 January 1994 was written down over a 10-year period, with varying levels of free depreciation depending on when the expenditure was incurred.
• Free depreciation rates ranged from 30 per cent per chargeable period (pre-1 April 1989) down to nil (from 1 April 1992), with aggregate caps applying in certain periods.
• A special 50 per cent free depreciation cap applied to qualifying pollution control expenditure incurred between 1 April 1991 and 31 March 1993.
• Expenditure met directly or indirectly by the State, a statutory board or a public or local authority was excluded from relief for expenditure incurred before 6 May 1993.