Enterprise Zones are great places to do business for both new and expanding firms, benefiting from government backing and incentives for investment. Established in 2012, they are at the heart of the government’s long term economic plan, supporting businesses to grow.
At 1,238ha (3,059 acres), the Humber has the largest Enterprise Zone in the country, comprising a package of 30 sites to suit the needs of a wide range of businesses.
What do Enterprise Zones have to offer?
Business Rate Discount (BRD)
Up to 100% business rate discount worth up to £275,000 per business over a 5 year period.
Businesses located on Enterprise Zone sites within Assisted Areas can be offered additional financial support from Government under European Commission aid rules.
Enhanced Capital Allowances (ECA)
Enhanced Capital Allowance (tax relief) are available to businesses making large investments in plant and machinery. Capital allowances let taxpayers write off the costs of capital assets, such as plant and machinery, against taxable income.
Enhanced Capital Allowances on Enterprise Zones can give companies a significant cash flow benefit. Normally companies write off such investments every year at 8% or 18%. ECAs allow the full 100% cost of investment to be written off in the first year.
On sites where enhanced capital allowances are available, businesses have until 31st March 2020 to make their investments..
Planning and Infrastructure
Enterprise Zone sites offer simplifies planning arrangements, for example, through Local Development Orders that grant outline planning permission for certain developments (such as new industrial buildings or changing how existing buildings are used) within specified areas.
Enterprise Zones benefit from Government support to ensure that superfast broadband is rolled out throughout the zone and if necessary public funding.
Single conversation Group, a national pilot, brings together, local planning authorities and the Humber LEP to ensure a smoother process for developing around the Humber Estuary.
Want to find out more?
Download our Enterprise Zone E-Brochure here.
Share this article