Enterprise zones were first launched in 2011 and are specific geographic areas that provide various tax breaks and Government support. Businesses that set-up in enterprise zones can benefit from up to a 100% business rate discount worth up to £275,000 over a five-year period or 100% enhanced capital allowances (ECA) tax relief for qualifying investments in plant and machinery.
A new set of maps has been published that lists sites within enterprise zones that qualify for the ECA 100% first-year allowances for investments in new plant and machinery until 31 March 2020.
The qualifying list includes specific locations in the Humber Enterprise Zone, North East Enterprise Zone, Tees Valley Enterprise Zone, Deeside Enterprise Zone, Renewables East Enterprise Area, Renewables North Enterprise Area, Black Country Enterprise Zone, Wirral Enterprise Zone, Redcar and Cleveland and Oceansgate Enterprise Zone.
In addition, businesses based in an enterprise zone can benefit from radically simplified planning permission for certain developments. All business rates growth within a specific enterprise zone for a period of at least 25 years will be retained and shared by the local authorities in the relevant local enterprise partnership’s area in order to support local economic priorities.
If your business is located in an Enterprise Zone we can help you make the most of any grants or tax breaks available. Please call for more information.