You can’t offset hobby farming losses, but...

QUESTION: I bought 20 acres of land this year costing €180,000. I financed it though a bank loan of €100,000 at 6% and some cash savings of €80,000. I have just applied to the Department of Agriculture for a herd number, and intend to keep some dry cattle.

I have a PAYE job and expect to spend a good deal of money on reseeding, fencing and farm maintenance, and don’t expect any profits from the land for a good number of years.

Can I offset these expenses against my PAYE income?