New businesses locating to the country’s 24 Enterprise Zones will benefit from tax incentives for a further three years under measures announced by the Chancellor in yesterday’s Budget.
This means that businesses moving to the Zones will benefit from business rate discounts for five years, with the offer extending until March 2018.
In addition, on sites where enhanced capital allowances are available, businesses now have until March 2020 to make a qualifying investment, and can then write off up to £100m against corporation tax.
The support is being offered as part of the Government’s long-term plan to rebalance the economy, and will help Enterprise Zones achieve their potential as key drivers of the local economy.
Since they opened for business in April 2012 Enterprise Zones have laid firm foundations for success, attracting over 250 businesses, creating over 7,000 jobs and securing £1.1 billion of private sector investment.
Local Growth Minister Kris Hopkins said: “This extra support means that Enterprise Zones will remain attractive locations for businesses to move and invest, unlocking more opportunities for local investment and creating thousands of local jobs.”
“This is part of our plan to grow the economy in a balanced way – creating jobs and getting people into employment right across the country.”
By attracting international companies, building centres of excellence in key industries such as automotive, pharmaceuticals and renewable energy Enterprise Zones will ensure that Britain continues to be competitive and successful on a global stage.