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.

Notes to editors

Enterprise Zones 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 plant or machinery during the five year period from 1 April 2012 to 31 March 2017
Media enquiries

Philip Cooper
Communications, PR & Events Officer
Sheffield City Region Executive Team
Tel: 0114 254 1334 / 1335
Email: philip.cooper@sheffieldcityregion.org.uk

Posted on Monday, June 30th, 2014