The Rural Development Programme 2014 – 2020 provides funding for capital expenditure under the Targeted Agricultural Modernisation Schemes (TAMS). TAMS II has been very successful in terms of uptake with the number of approvals that have issued to date exceeding 22,100. All of these approvals represent committed expenditure. Until such time as these approvals are acted upon or expire, the budget for TAMS must include provision for the potential expenditure involved. Current estimates indicate that the total budget of €395m available under TAMS II for the suite of seven measures covering a wide range of investments will be fully spent under these approvals. There are no plans, therefore, to introduce the additional investment items proposed at this time.
Capital allowances may be claimed in respect of plant and machinery at a rate of 12.5% over eight year. For certain energy efficient equipment, an Accelerated Capital Allowance of 100% applies.