Budget boost for Sheffield City Region Enterprise Zone
New businesses locating to the Sheffield City Region Enterprise Zone will benefit from tax incentives for a further three years, under measures announced by the Chancellor in today’s Budget.
This means that businesses moving to sites which offer business rate relief could benefit from business rate discounts for five years, with the offer extending until March 2018.
In addition, on sites where enhanced capital allowances are available, businesses now have until March 2020 to make a qualifying investment, and can then write off up to £100m against corporation tax.
James Newman, Chairman of the Sheffield City Region Local Enterprise Partnership, said:
“The LEP welcomes this news in the Budget which will make our Enterprise Zone even more attractive to investors looking to bring their business and create new jobs in the Sheffield City Region.
“Today’s Budget means that investors can access the top levels of tax incentives in Sheffield City Region until 2020.
“This news is hot-on-the-heels of our announcement last week that we have negotiated a deal with Government to expand our Enterprise Zone to add new strategic sites including Doncaster Sheffield Airport.
“Since its launch in 2012, 18 new companies have located on our Enterprise Zone with 345 jobs already created on site and around 300 set to be created in the coming months.
“Today’s news will mean more businesses will be attracted to join our modern manufacturing and technology community which offers outstanding transport connectivity, a highly-skilled talent pool and the best UK Government tax incentives available.”
Local Growth Minister Kris Hopkins said:
“Sheffield City Region Enterprise Zone is already establishing itself as a hotbed of innovation and centre for thousands of new jobs, business and growth.
“Today’s announcement means the Zone will remain an attractive location for businesses to move and invest, unlocking more opportunities for local investment and creating over 2,000 new jobs.”
The Government recently agreed to expand the Zone adding additional strategic sites, including the land next to Doncaster Sheffield Airport. This means that investors looking to set up in Sheffield City Region will be able to access tax breaks across a new range of prime sites.
Sheffield City Region is leading the way on Enterprise Zones with a report produced by the Financial Times ranking it top for attracting foreign direct investment (fDi).