Taxes Consolidation Act 1997 section 285D

Acceleration of wear and tear allowances for farm safety equipment

Section 285D provides accelerated capital allowances for certified farm safety equipment.

This section sets out a scheme allowing farmers to claim accelerated wear and tear allowances at 50% per annum over two years on certain certified farm safety equipment, instead of the normal 12.5% over eight years.

• Applies to capital expenditure on specified farm safety equipment incurred between 1 January 2021 and 31 December 2026, where a qualifying certificate is obtained.
• Certificates are issued by the Minister for Agriculture, Food and the Marine, subject to a €5 million annual budget (excluding VAT).
• Relief is given at 50% per year over two years, subject to a lifetime cap of €500,000 per person and exclusion of certain undertakings.
• Where total relief exceeds €10,000, Revenue may disclose limited claimant information in line with EU State aid rules.

---