Number 1 ranking for Enterprise Zone
The Financial Times FDi Magazine has released a Global Outlook Report, which places the Sheffield City Region’s Enterprise Zone in the top UK spot ahead of its nearest UK rival, Birmingham City Centre Enterprise Zone. The Sheffield City Region is ranked as the 37th best place in the world for businesses to locate.
More than 600 free zones across 120 countries were invited to take part in the research, which collected information under five categories: incentives, facilities, cost-effectiveness, transportation and best FDI promotion.
James Newman, Chairman of the Sheffield City Region LEP, said, “This news confirms what everyone has been saying, that Sheffield City Region has the UK’s number one Enterprise Zone for modern manufacturing and technology.
“For growing businesses looking to make significant investments in plant and machinery, our Enterprise Zone offers a package of benefits that cannot be matched – exclusive tax incentives, simplified planning, superfast broadband and excellent transport links. In addition it is a great opportunity to join the likes of such global manufacturing names as Rolls-Royce and Boeing in a City Region that is already considered to be a global hub for modern manufacturing and technology.”
“My message to any company in this sector, from the UK or overseas, is to come and visit the Sheffield City Region, look at the facilities we have to offer, talk to us about the skills and supply chains we have and then invest in a City Region where you will be welcomed, incentivised and encouraged to grow your business.”
This survey result follows news earlier this year that the Local Enterprise Partnership had finalised details of its Enterprise Zone with the Treasury. Sites offering Capital Allowance tax incentives were confirmed, bolstering the Enterprise Zone’s existing Business Rate Relief benefits.
The Sheffield City Region Enterprise Zone is one of only seven 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.
In total, the Enterprise Zone is made up of approximately 145 hectares, consisting of:
• A mix of available property and development sites eligible for Business Rate Relief (BRR) – totalling approx. 53 hectares
• A mix of available property and development sites eligible for Enhanced Capital Allowances (ECAs) – totalling approx. 92 hectares
• Enterprise Zone sites in Sheffield/Rotherham and Derbyshire will be able to offer Enhanced Capital Allowances, which give up-front tax relief for major capital investments
• On these sites, 100 per cent first year allowances will be available to companies making significant investments in manufacturing plant or machinery during the five year period from 1 April 2012 to 31 March 2017
• The Enterprise Zone Enhance Capital Allowance sites are: Markham Vale North and South; AMP/ Waverley; Outokumpu; SIRFT 3; SIRFT 1 & 2; Blade.