There was mixed news for farmers planning to build in Tuesday’s budget.
Concrete and concrete blocks are being hit with a 10% levy from 3 April 2023. This is to help pay for the Mica redress scheme. Concrete products have been rising in recent months and this will only add to building costs.
This will result in a typical three-bay suckler shed with a creep costing in the region of €1,600 to €1,800 more due to the levy.
It was confirmed by Minister for Agriculture Charlie McConalogue on Wednesday that TAMS costings will be adjusted to account for the concrete levy.
Better news came in the form of an accelerated capital allowance for slurry and FYM storage. This allows farmers to fully write off the costs of tanks over the first two years.
Half of the costs can be written off in each of the first two years, it was confirmed on Wednesday after some initial confusion around how the scheme would operate. It will be in place from 2023 to 2025.
The IFA welcomed the Accelerated Capital Allowance, but pointed out that ready-mix concrete products should not be subject to a levy as mica issues arose solely to concrete blocks.