It has been confirmed to the IFA that accelerated capital allowances on slurry storage will be available for three years, according to IFA farm business chair Rose Mary McDonagh.

The then Minister for Finance, Paschal Donohoe, announced on budget day a scheme of accelerated capital allowances for the construction of slurry storage.

The Budget 2023 Tax Policy Changes document, published by the Department of Finance, states that this scheme would be open for three years.

The cost of the facilities could be written off over two years rather than the seven-year period that previously applied for such capital expenditure.

McDonagh said: “It’s understood that the eligible period for these measures was initially set for six months – to June 2023 – in the Finance Bill due to the EU Agricultural Block Exemption Regulations (ABER) requiring updating, as happens with many taxation measures related to agriculture.”

McDonagh concluded: “After the publication of the Finance Bill, in November last, IFA received confirmation from the Department of Agriculture that once the ABER is approved, the Department of Finance will put the appropriate legislation in place to extend this measure beyond 30 June next, as intended.”

Register for IFA aquaculture conference and AGM

IFA aquaculture will host its annual conference and AGM at the Kilmurry Lodge Hotel, Castletroy, Limerick, V94 WTC9, on Thursday 23 February.

The event will take place on the eve of the Irish Skipper Expo at the UL Sport Arena on Friday and Saturday, 24 and 25 February.

IFA aquaculture chair Michael Mulloy said: “There have been many challenges for the Irish aquaculture sector in recent months, with many Irish aquaculture producers struggling to deal with the rising cost of inputs, market instability and logistics. This event will allow members to engage and discuss the policy priorities for Irish aquaculture for the year ahead.”

A new policy document, IFA Aquaculture – Best Practice Guidance & Information on Aquaculture Licensing, Legislative Responsibilities & Environmental Objectives, will be launched at the event.

A full agenda and key speakers will be announced in the coming weeks.

Topics will include an update on the next EMFAF programme, the national strategic plan for sustainable aquaculture, the carbon footprint of the Irish aquaculture sector, marine protected areas and the Department of Agriculture’s AquaMIS project.

Tickets are available on a first-come, first-served basis and must be purchased in advance by clicking here.