Wednesday, March 21, 2012

News: Government approval for Enterprise Zone


The Sheffield City Region Local Enterprise Partnership (LEP) has finalised details of its Enterprise Zone following extensive talks with Treasury.

The LEP successfully negotiated the final 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. The incentives are available on business investments to a total limit of £300m.

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.

James Newman, chairman of the Sheffield City Region LEP, said, "It is great news for our Enterprise Zone that after a series of detailed negotiations with Government we have got the best and a very flexible package of benefits for the Sheffield City Region.

"The LEP has worked closely with many partners to secure this package of tax incentives, which will bring substantial manufacturing and technology investment to the Sheffield City Region City, creating economic growth and, over time, thousands of jobs."

The zone will be based on a series of key sites along the M1 that will focus growth within the advanced engineering and technology sectors.

It includes a core technology, innovation and manufacturing zone based around the existing Advanced Manufacturing Park (AMP) in Rotherham.

Other areas include Templeborough, Sheffield Business Park, land currently being developed at Markham Vale and sites in the west of the Dearne Valley in Barnsley at M1, Junction 36.

The LEP will be working closely with local authorities and key private sector partners and landowners including Henry Boot, Harworth Estates, Sheffield Business Park and Peel Holdings.

The LEP hopes that the zone will generate up to 12,600 jobs and over 400,000 sq m of floor space for 250 businesses by 2015. When complete, it could reach 20,000 jobs, 400 businesses and £20m a year in new business rates (retained by the LEP) from over 600,000 sq m of floor space.

Sheffield city region enterprise zone website


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