SPENDING REVIEW 2015: Chancellor George Osborne has announced 26 new or extended enterprise zones, which will launch in April.
The chancellor set aside £12bn for a local growth fund as he announced 18 new enterprise zones and eight extended zones.
Fifteen of the new or extended zones will be in towns and rural areas, from Carlisle to Dorset to Ipswich.
Further new enterprise zones include: Stoke/Staffordshire; Buckinghamshire; Oxfordshire; East Hampshire; East Sussex; Dorset Green; Newhaven; Aylesbury Vale; Didcot Growth Accelerator and Enterprise M3; Cambridgeshire; Hertfordshire; Luton and across Great Anglia (Norfolk and Suffolk).
Extended enterprise zones will include: the Infinity Park zone at Derby (pictured); Great Yarmouth; Lowestoft; Bristol; Cornwall/Isles of Scilly (Aerohub+); North Kent; Bristol (Bristol Temple Quarter and Somer Valley).
The zones will benefit from a business rate discount up to a maximum of £55,000 a year with a five-year limit of £275,000.
Local authorities will have the power to set the discount level for enterprise zones in that area.
The measure also allows companies in selected enterprise zones to claim 100% enhanced capital allowances against their taxable profits.
This will apply to the following enterprise zones: Infinity Park Extension Derby; Humber; M62 Corridor; Luton Airport; Cheshire Science Corridor; Carlisle Kingsmoor Park; Hillhouse Chemicals and Energy Enterprise; Ceramics Valley, Cornwall Aerohub+, and North East Round 2.
louisa.clarence-smith@estatesgazette.com
