Reminder to farmers on scheme deadlines and grants

The closing date for Tranche 19 of TAMS (Targeted Agricultural Modernisation Scheme) is October 30 with the final TAMS II tranche closing on December 31, 2020, according to ifac, the farm agribusiness and accounts professional firm.

The grants available under TAMS II are 40% of €80,000 (€32,000) and 60% (€48,000) if the applicant is a ‘young, trained farmer’.

Ifac point out that the Low Emissions Slurry Equipment Scheme ‘is often forgotten about’ with 40% of €40,000 (€16,000) claimable – rising to 60% (€24,000) for the young trained farmer.

Philip O’Connor, Head for ifac Farm Services, however advised farmers ‘not to rush into’ the decision on investment for the sake of meeting a deadline – but instead to ensure to ‘make the right investment for your farm.

He advised that farmers should address three key issues before deciding to embark on a capital investment: should you invest and will there be a return on your spend?; if borrowing, have you the required borrowing capacity?; and consider VAT, Income Tax implications and the ‘capital repayment trap’.

Meanwhile, in a separate scheme, the Dept. of Agriculture has reminded younger farmers of the Young Farmers’ Scheme (YFS) – introduced in 2015 as a top-up to the Basic Payment Scheme.

A young farmer can apply if they are no more than 40-years of age in the first year of application; have attained a minimum level of agricultural education; and are in financial/managerial control of the holding.

For more, read this week’s Connacht Tribune.

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