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18 August 2015
Irrigation project; Company sale; Pensioned out; Italian improvements
Irrigation project
What capital allowances can be claimed for building a water reservoir?
Well-watered land is essential to grow high quality crops so farmers often invest in irrigation projects. Typically a reservoir will provide a consistent volume of water during the growing season. This may be filled from a borehole or a river under abstraction licences in the winter and the water is distributed around the farm and sprayed on the land in the growing season.
My question concerns the tax allowances available for the capital expended on the project. Typically this might involve the following costs.
- Moving earth and soil to form the reservoir.
- A rubber or synthetic liner to ensure no leakage.
- A borehole may be required with a...
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