Treasury green light for Sheffield City Region Enterprise Zone
This week, the Sheffield City Region Local Enterprise Partnership (LEP) has finalised details of its Enterprise Zone following extensive talks with Treasury.
The sites where Capital Allowance tax incentives are on offer have been confirmed, bolstering the Enterprise Zone’s existing Business Rate Relief benefits.
James Newman, Chairman of the Sheffield City Region LEP, said, “It is great news for our Enterprise Zone that after a series of detailed negotiations with Government we have got the best and a very flexible package of benefits for the Sheffield City Region.’’
“The LEP has worked closely with many partners to secure this package of tax incentives, which will bring substantial manufacturing and technology investment to the Sheffield City Region City, creating economic growth and, over time, thousands of jobs.”
The LEP successfully negotiated the final 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 will be working closely with key private sector partners, landowners including Henry Boot, Harworth Estates, Sheffield Business Park and Peel Holdings as well as all its Local Authority partners in the City Region to deliver the EZ from 1 April.
The LEP will also benefit directly from the growth in business rates as a result of the EZ, which will then be re-invested to provide similar incentives for other parts of the City Region to aid their development in the future.
The LEP is using Enterprise Zone status to create a Modern Manufacturing and Technology Growth area along the M1 Motorway, the City Region’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.