Tuesday, September 27, 2022

News: Government in talks to create Investment Zone in South Yorkshire


A new Investment Zone could be created in South Yorkshire with the aim of bringing business investment and releasing land for new homes.

As part of the Government's recently announced Growth Plan, Investment Zones will drive growth and unlock housing across the UK by lowering taxes and liberalising planning frameworks to encourage rapid development and business investment.

The Government said that it was in discussions with 38 local authorities to establish investment zones in England, including with the South Yorkshire Mayoral Combined Authority (SYMCA), who were keen to get involved now. Discussions will continue to decide on specific sites within the area.

The announcement said: "Each Investment Zone will offer generous, targeted and time limited tax cuts for businesses and liberalised planning rules to release more land for housing and commercial development. These will be hubs for growth, encouraging investment in new shopping centres, restaurants, apartments and offices, and creating thriving new communities."

To accelerate development, the need for planning applications will be minimised in designated development sites and, where planning applications remain necessary, they will be "radically streamlined." Development sites may be co-located with, or separate to, tax sites, depending on what makes most sense for the local economy.

In addition, subject to demonstrating readiness, SYMCA would receive a single local growth settlement in the next Spending Review period.

Further detail from the Treasury states: "Businesses in designated areas in investment zones will benefit from 100% business rates relief on newly occupied and expanded premises. Local authorities hosting Investment Zones will receive 100% of the business rates growth above an agreed baseline in designated sites for 25 years.

"In addition businesses will receive full stamp duty land tax relief on land bought for commercial or residential development and a zero rate for Employer National Insurance contributions on new employee earnings up to £50,270 per year.

"To incentivise investment there will be a 100% first year enhanced capital allowance relief for plant and machinery used within designated sites and accelerated Enhanced Structures and Buildings Allowance relief of 20% per year."

South Yorkshire, and especially Rotherham, has a long history of similar policies. Enterprise Zones established in the 1990's were influential in the regeneration of former coalfield ares such as Manvers, and ealier Enterprise Zones led to the creation of Parkgate Shopping without the need for local planning approval.

The most recent Enterprise Zones in the 2010's included parts of the Advanced Manufacturing Park (AMP) and Templeborough in Rotherham and involved business rates discounts and simplified planning arrangements for businesses in specific target sectors.

Images: Harworth Group


Anonymous,  September 27, 2022 at 12:58 PM  

More farmland to be built on๐Ÿ‘Ž

Anonymous,  September 27, 2022 at 2:24 PM  

Is the land around the White Rose Way designated as an Enterprise Zone?

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