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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.

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