Our business clients are not just supporting Ireland’s artists. By buying original Irish artwork they are making an investment that enjoys an attractive tax incentive.
If artworks are displayed on your premises where they can be viewed by the public, the taxman will take a favourable view. Suitable locations include a foyer or reception area, a bar or restaurant, and communal meeting rooms.
Your art will attract capital allowances just like plant and machinery. The annual wear and tear allowance is 12.5% (c.f. Wear & Tear Legislation S284 TCA 1997, Section 2).
So your business recovers the cost over eight years. But unlike the photocopier or audio-visual system, your original artwork may well be appreciating in value over that time.