As was initially believed, the Department have sought to reassure farmers that the scheme will run for threee consecutive years from 2023 to 2025.
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Farmers at several Teagasc events throughout the country were shocked to hear that the accelerated capital allowance for the construction of slurry stores had a time limit of six months in order to avail of the scheme.
With farm building contractors under pressure with workloads as it stood, farmers were in dismay at the tight timeframe.
In correspondence with the Irish Farmers Journal, the Department has since clarified that, as was expected at the time of its announcement, the scheme is set to run over three consecutive years: 2023, 2024 and 2025.
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The Department said: “The reason for the six-month period is that when it was being drafted, there was no certainty regarding the State aid cover as the agriculture block exemption was due to expire at the end of 2022.
“A new agriculture block exemption has been adopted and the period outlined in the Finance Act is due to be extended by the Department of Finance before 30 June 2023.’’
The scheme will allow farmers to depreciate the costs associated with creating new slurry stores over a two-year period, as opposed to the normal seven-year period for farm buildings, against their tax bill.
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Farmers at several Teagasc events throughout the country were shocked to hear that the accelerated capital allowance for the construction of slurry stores had a time limit of six months in order to avail of the scheme.
With farm building contractors under pressure with workloads as it stood, farmers were in dismay at the tight timeframe.
In correspondence with the Irish Farmers Journal, the Department has since clarified that, as was expected at the time of its announcement, the scheme is set to run over three consecutive years: 2023, 2024 and 2025.
The Department said: “The reason for the six-month period is that when it was being drafted, there was no certainty regarding the State aid cover as the agriculture block exemption was due to expire at the end of 2022.
“A new agriculture block exemption has been adopted and the period outlined in the Finance Act is due to be extended by the Department of Finance before 30 June 2023.’’
The scheme will allow farmers to depreciate the costs associated with creating new slurry stores over a two-year period, as opposed to the normal seven-year period for farm buildings, against their tax bill.
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