22 Mar, 2024

TAMS III deadline is looming

The closing date for the next tranche of the Targeted Agricultural Modernisation Scheme (TAMS III) is the 12th of April 2024. The next tranche will open on the 13th April.

The grants available under TAMS III are 40% of €90,000 and this increases to 60% if an applicant is a Young Trained Farmer. Registered farm partnerships also allow for an increased ceiling of a grant claimable on a total spend of up to €160,000.

The Low Emissions Slurry Equipment grant is another grant that is often forgotten about. The grants available here on certain slurry spreading equipment are 40% of €40,000 and this increases to 60% if an applicant is a Young Trained Farmer (must apply through YFCIS). Registered farm partnerships are allowed an additional ceiling with a total spend of up to €60,000.

Beware! Don’t rush the decision on investment for the sake of meeting a deadline, this could be far more costly than delaying your application and making the right investment for your farm. The following are three key areas when looking at capital investment.

1.     Should you make the investment?

  • Will the capital expenditure give a Return on Investment?

2.     Cash flow pressures

  • Have you adequately financially planned the investment?

  • If borrowing, have you the required borrowing capacity?

3.     Tax Planning Issues

  • Consider Value Added Tax (VAT), Income Tax and Capital Repayment Trap.