Under Irish tax law, an art buyer can allow the purchase cost of artwork against tax, provided that the artwork is placed in his/her place of business where the public can view it.
The artwork an be considered as a Capital Allowance as ‘plant‘ if the expenditure on the art is for the purpose of prompting the activity of the business i.e. creating a favourable ambiance in an area of the business where it is viewable by the public.
Hence, the purchasing of fine art photography can be a tax-effective acquisition as currently the annual ‘wear and tear allowance’ on plant capital expenditure is 12.5% per annum, allowing the cost to be recouped over a number of years.
Suitable display locations where this allowance can be considered can include lobbies, cafes/restaurants, receptions, client meeting rooms etc.