The Government is set to introduce accelerated capital allowances for farm safety equipment, with a particular emphasis on supporting those who have suffered life-changing injuries as a result of incidents on farms. The scheme is expected to cost about €1.5million a year
Minister for Finance Paschal Donohoe said on Friday that he will bring a report stage amendment to Finance Bill 2020 in order to provide for the scheme, which will see capital allowances for qualifying equipment jump to 50 per cent for two years.
A large proportion of all fatal workplace incidents (50 per cent) occur in agriculture, fishing and forestry sector. Of 46 deaths in 2019, 18 were in the sector, while between 2010 and 2019 there were 214 fatal incidents on farms.
Currently, capital allowances are available at 12.5 per cent a year over eight years for agricultural equipment generally. The proposed new scheme will allow for accelerated capital allowances of 50 per ent a year over two years for certain eligible equipment. This eligible equipment includes chemical storage cabinets and anti-backing gates, as well as adaptive equipment to assist farmers with disabilities.
The scheme will be subject to a total equipment cost of €5 million a year, with an estimated tax expenditure cost of € 1.5 million.