Does your farm qualify for assistance from new Business Energy Support Scheme?
- Does your farm qualify for energy support?
- Recent Finance Bill introduced a €1.25bn support to businesses impacted by the current unprecedented rise in energy prices.
- Temporary Business Energy Support Scheme (TBESS) will be administered by Revenue and will operate as a cash payment to qualifying businesses.
- Such businesses, referred to as ‘eligible businesses’, include those carrying on a trade or profession chargeable to tax, along with sporting bodies and charities which, but for a tax exemption, would be chargeable to tax.
- Businesses which are engaged in passive activities such as rental or investment activities will not qualify for this scheme.
- In order to qualify, businesses must show an increase in the average unit price of electricity or gas of at least 50% from the equivalent period in 2021.
- Once this threshold has been passed, a business will be considered a ‘qualifying business’ subject to certain other conditions being met.