Trading in Enterprise Zones
If your company is located in one of the 24 or so enterprise zones, there are significant Government incentives to encourage investment. HMRC have added maps to their online guidance, showing sites within enterprise zones that offer 100% first-year allowances for companies investing in new plant or machinery until 31 March 2020.
According to the Government website, businesses basing themselves on Enterprise Zones can access a number of benefits:
- Up to 100% business rate discount worth up to £275,000 per business over a 5 year period
- Simplified local authority planning, for example, through Local Development Orders that grant automatic planning permission for certain development (such as new industrial buildings or changing how existing buildings are used) within specified areas
- Government support to ensure that superfast broadband is rolled out throughout the zone, and, if necessary, public funding
- 100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery on 8 Zones in Assisted Areas. This 100% allowance is in an addition to the normal £200,000 Annual Investment Allowance.
The Chancellor of the Exchequer announced at Budget 2014 that the deadlines for accessing business rate discounts and enhanced capital allowances on Enterprise Zones would be extended by 3 years. This means that businesses have until March 2018 to locate on an Enterprise Zone to be able to access business rate discounts. On sites where enhanced capital allowances are available, businesses now have until March 2020 to make their investment. Businesses thinking about locating to an Enterprise Zone can find more information about investment opportunities at the Local Investment Showcase website.
New maps for Tees Valley, Wirral, Black Country, Wilton, and Southbank enterprise zones have been added to the Gov.uk website.