Taxes Consolidation Act 1997 section 658A

Farming: accelerated allowances for capital expenditure on slurry storage

Section 658A provides for accelerated capital allowances on qualifying expenditure incurred by farmers on slurry storage facilities and associated capital items.

• Farmers can claim capital allowances at 50% per year over two years on qualifying expenditure on slurry storage facilities, instead of the normal seven-year (farm buildings) or eight-year (plant and machinery) write-off periods.
• The relief applies to capital expenditure incurred between 1 January 2023 and 31 December 2029 on qualifying capital items listed in Schedule 35A.
• The maximum aggregate tax benefit per person is capped at €500,000, and the relief is restricted to micro, small and medium-sized enterprises that are not undertakings in difficulty.
• Where the aggregate relief granted exceeds €10,000, Revenue may publicly disclose the person's name, sector, location and the year the relief was granted.