Revenue has published a new Tax and Duty Manual that provides guidance on the new farming accelerated allowances for capital expenditure on slurry storage introduced in Section 658A TCA 1997.
Section 658A TCA 1997 provides for a scheme of accelerated capital allowances for capital expenditure incurred, on slurry storage facilities, by a person carrying on a trade of farming. The expenditure must be incurred in the period 1 January 2023 to 31 December 2025. The qualifying expenditure can be written off at a rate of 50 percent per annum over a period of 2 years.
There is a limit of €500,000 on the total amount of relief that can be granted to any person under the scheme.
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