BIG INCREASE IN FARMERS AVAILING OF MACHINERY TAX ALLOWANCE
Around 65,000 farmers applied
Around 65,000 farmers applied for a machinery and plant capital allowance, according to the Revenue Commissioners.
That is a 20% rise in the number of farmers using the capital tax allowance, based on an annual 12.5% wear and tear allowance.
The allowance is available on a straight-line basis for eight years but only on new machinery purchased for farm use.
Farmers used the allowance to collectively saved a handsome €370m in tax.
The average amount farmers received in the machinery and plant allowance in 2016 was €5,325 each.
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