Dáil Éireann Debate, Wednesday - 19 September 2012
58. Deputy Seamus Kirk asked the Minister for Finance if, in view of the expected expansion of the dairy industry in Ireland post-2015, he will consider modifying the capital allowance period for farm buildings from seven years to three years; and if he will make a statement on the matter. [39519/12]
View answerPersons chargeable to tax on their farming profits may claim a farm buildings allowance for capital expenditure on the construction of farm buildings (other than buildings used as a dwelling) and certain other works. The cost is written off at the rate of 15% of the cost in each of the first 6 years with the remaining 10% in year 7. This compares favourably with other allowances for example, for industrial buildings and I have no plans to amend the capital allowance period for farm buildings at this time.
