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Tax Advantages of Buying Artwork in Ireland.
Capital Allowance Wear & Tear
Legislation S284 TCA 1997 states:
Section 2
Where a corporate or individual tax payer buys a work of art and displays it at their business premises for the purpose of promoting their business, the work of art is treated as machinery or plant, and is eligible for the annual wear and tear allowance of 12.5% on a straight line basis.
It is recommended that you consult your accountant in relation to art related investments and where necessary approved by the Revenue Commissioners.