Revenue has created a Tax and Duty Manual to provide guidance on the operation of the Accelerated Capital Allowances for Farm Safety Equipment scheme available under section 285D TCA 1997.
Section 285D TCA 1997 provides for a scheme of accelerated capital allowances for capital expenditure incurred, on certain farm safety equipment, by a person carrying on a trade of farming. The expenditure must be incurred in the period 1 January 2021 to 31 December 2023 and the Minister for Agriculture, Food and the Marine must certify the expenditure. Once certified, the expenditure can be written off at a rate of 50 percent per annum over two years.
The scheme is subject to an overall annual budget of €5 million (excluding VAT). Additionally, there is a limit of €500,000 on the total amount of relief that can be granted to any person under this scheme.