Contact Us
Budget 2023 Farmers

Article

Budget 2023: What it means for farmers

Budget 2023 announced some significant tax relief extensions and a new climate scheme for farmers

Farmers face the challenge of rising input costs and increased regulation, while moving towards a sustainable future. 
 
In this regard, the Budget 2023 announced some significant help for farmers.
 
 

1. Tax Relief

 
Budget 2023 announced an extension to five agricultural tax reliefs that were due to expire this year. They are: 
 
  • Young Trained Farmer Stamp Duty Relief 
  • Farm Consolidation Stamp Duty Relief
  • Farm Restructuring CGT (capital gains tax) relief
  • Young Trained Farmer Stock Relief
  • Registered Farm Partnership Stock Reliefs.
The duration of these extensions are dependent on the outcome of negotiations at a European Level on the Agricultural Block Exemption Regulation.
 
 

2. Temporary Business Energy Support Scheme

 
Crucially, farmers will also be able to apply for the Temporary Business Energy Support Scheme, which will allow for payments toward electricity costs of up to €10,000 per month.
 
Farmers will have to show their average unit price has increased by more than 50% compared to 2021, and will then be entitled to claim up to 40% of their energy bills for the relevant period. Farmers involved in the dairy, poultry and pig sectors consume large amounts of electricity.
 
 

3. Environment

 
A time-limited scheme of accelerated capital allowances for farmers for the construction of modern slurry storage facilities was announced. This measure is geared towards assisting in the move towards more environmentally friendly farming practices. 
 
Additional carbon tax funding will be provided to the Department for Agriculture, Food and the Marine to finance the new Agri-Climate Rural Environmental Scheme known as ACRES - part of Ireland's new CAP plan that begins in January.
 
There has also been an extension the reduction in excise on marked gas oil until the end of February 2023, which includes agri-green diesel, and this will save users 5.4 cent per litre.
 
 

4. Brexit

 
The Minister for Agriculture, Food and the Marine also announced that there will also be additional monies to off-set the effects of Brexit on farmers.
 
 

5. Loans

A new long-term lending scheme was announced for SEMs, including farmers, to help them access finance for strategic investment purposes. When more details are announced on this lending scheme we will update our website. 
 
 

6. Other schemes 

The fodder, tillage and suckler schemes have been extended. 
 
 

We can help

TaxAssist Accountants provides accountancy services for farmers all across the country. 
 
If you need assistance with your tax you can call us on 1800 98 76 09 or submit an enquiry online to book your free initial consultation.

 

Book your FREE Initial Consultation

 

Date published 6 Oct 2022 | Last updated 12 Oct 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Related articles

What is the Power Up grant?
What is the Power Up grant?

1 month ago

What are the changes proposed for Employer PRSA contributions?
What are the changes proposed for Employer PRSA contributions?

1 month ago

Budget 2025: Have the VAT Thresholds changed?
Budget 2025: Have the VAT Thresholds changed?

2 months ago

Trustpilot

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free consultation

1800 98 76 09

Or contact us