New Enterprise Zones Announced
18 New Enterprise Zones were announced today, including an ‘M62 Corridor’ in the Leeds City Region, which includes Clifton Business Park in Calderdale.
What does this mean? Well, being in an Enterprise Zone offers access to a number of benefits for businesses. They can receive:
- 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
Responding to the news that the Leeds City Region has secured a second Enterprise Zone in the region, LEP Chair Roger Marsh OBE said:
“We submitted a robust and strong case to government for a second Enterprise Zone in the Leeds City Region in September this year and I am delighted to announce this successful bid is one of the 26 new Enterprise Zones announced by the Chancellor yesterday in the Comprehensive Spending Review.
“The advanced and innovative manufacturing opportunities along the M62 corridor give us a unique offering to potential investors and businesses looking to benefit from the advantages of locating on an Enterprise Zone. With the Leeds City Region boasting the largest concentration of manufacturing businesses anywhere in the country, these sites will support the wider manufacturing and logistics sector with up to 100% business rate discount or 100% Enhanced Capital Allowances to businesses making large investment on qualifying plant and machinery costs.
We expect the latest Enterprise Zone incentives to commence from 2017 and that these will accelerate the delivery of over 100 new or expanded businesses in the region, resulting in the creation of 12,000 new jobs.”
For more information on Enterprise Zones, head to their official website.