Thursday, 03 September 2015 16:18

Deadline looms for Enterprise Zones

Written by  Ruralcity Media
Deadline looms for Enterprise Zones

Towns and districts which want to set up special Enterprise Zones have less than two weeks to submit their proposals.

Local councils are being urged to work with their Local Enterprise Partnerships (LEPs) to come forward with ambitious plans for new Enterprise Zones.

The government says doing so will enable councils to seize the economic initiative by identifying businesses on their patch with investment or export potential.

This includes building on the commercial strengths of rural areas.

Ministers want local business and civic leaders to encourage firms with shared interests to stand together and form a stronger commercial proposition.

Benefits of Enterprise Zones for businesses include lower taxes, access to superfast broadband and streamlined planning permission to boost local infrastructure.

All Local Enterprise Partnerships now have the opportunity to bid for an enterprise zone in their area following a government announcement earlier this summer.

Ministers said they wanted to allow more places outside core cities – and particularly smaller towns – to tap into the opportunities that zones can bring in terms.

Businesses basing themselves on enterprise zones can receive a discount of up to 100% on their business rates – worth up to £275,000 per business over a 5-year period.

Other benefits include 100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery on zones in assisted areas.

The government has also announced 100% retention of business rate growth for LEPs, to enable them to fund development on enterprise zones.

For places keen to have an enterprise zone the deadline for bids is 18 September 2015.

Full details are available here.

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