Local Enterprise Partnership announce £300m tax incentives to business world
The Local Enterprise Partnership (LEP) will today (Thursday 8 March) unveil a package of tax incentives to encourage manufacturing businesses to make substantial investments in plant and machinery in the Sheffield City Region Enterprise Zone (EZ). The incentives are available on business investments to a total limit of £300m.
The LEP successfully negotiated the package with Central Government and will be one of only six zones in England able to offer enhanced capital allowances, offering up-front tax relief for major capital investments. Additional incentives for smaller businesses locating in the EZ, which are available from April 2012, include business rates relief, fast track planning and access to superfast broadband.
The LEP is working closely with key private sector development partners to deliver the EZ, including Henry Boot, Harworth Estates, Sheffield Business Park and Peel Holdings.
James Newman, Chair of the Sheffield City Region LEP, officially launched the Enterprise Zone to an audience of property investors and decision makers at MIPIM, the world’s largest annual property event, in Cannes, France.
James said, “This announcement is expected create significant interest in the international business community.
“We hope that these incentives will attract investment from global advanced manufacturing and technology companies, creating hundreds of jobs for local people and providing a catalyst for continued economic growth.
“The vision of the Enterprise Zone is to build on the City Region’s significant credentials and strengths in advanced manufacturing and materials to develop a Modern Manufacturing and Technology Area.”
The Sheffield City Region is using Enterprise Zone status to create a Modern Manufacturing and Technology Growth area along the M1 Motorway, the country’s main North – South corridor, with EZ sites at junctions 36 in Barnsley, 33/34 in Sheffield/Rotherham (including the Advanced Manufacturing Park) and 29a at Markham Vale.