Revenue eBrief No. 175/23

31 July 2023

Farming Accelerated Allowances for Slurry Storage Facilities [Section 658A TCA 1997]

Revenue has published a new Tax and Duty Manual Part 23-01-37 - Guidance on the Farming accelerated allowances for capital expenditure on slurry storage (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% 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.