Enterprise Zones open for business
0The UK’s 24 Enterprise Zones have gone live and can now offer immediate tax breaks to businesses.
New businesses get 100% relief on business rates for five years when they set up in the zones and can also access simplified planning permission, often through Local Development Orders, avoiding some elements of delay and cost.
The Department of Communities and Local Government said last week that two thirds of Enterprise Zones will have at least one Local Development Order in place by summer with 18 agreed already.
Secretary of State Eric Pickles said: “Our low tax, low regulation, Enterprise Zones with superfast networks are going operational with live deals and incentives now available to entice new companies to the area … Enterprise Zones are set to become the crown jewels of how we make Britain the best place in the world to start and grow a business.”
Pickles was visiting the Great Yarmouth and Lowestoft Enterprise Zone where 80 businesses should get around £3.8 million in tax breaks. The Black Country, Humber, Liverpool, North Eastern, Sheffield and Tees Valley Zones also offer 100% enhanced capital allowances for plant or machinery investment, allowing companies to write them down against taxable profits.
