The accelerated wear and tear allowances scheme for farm safety equipment was expanded by Finance Act 2024 to provide for an expanded list of eligible farm safety equipment. The expanded scheme was launched last week by Minister for Agriculture, Food and the Marine, Martin Heydon TD, and Minister of State with responsibility for Farm Safety, Michael Healy-Rae TD.
The accelerated capital allowance scheme complements grant aid which is available under TAMS3 for safety-related investments. Any grants received for qualifying equipment should be deducted from the qualifying expenditure hence only the net cost qualifies for the accelerated capital allowance scheme.
A certification process applies to the scheme. Farmers who receive a qualifying certificate can avail of 50 percent capital allowances per annum on qualifying investments to be claimed over an accelerated two-year period. This compares to the standard period of eight years for plant and machinery. The allowance should be claimed on the farmer’s tax return.
At the launch of the scheme, Minister for Finance, Paschal Donohoe said:
“This scheme of accelerated capital allowances for farm safety equipment and the recently expanded list of eligible equipment shows the commitment of this Government to farm safety. This scheme will assist farmers in safe proofing their farms and I encourage all farmers to avail of this scheme.”
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