Designed to help businesses grow in areas that have underperformed economically, the government has designated two more Investment Zones tax sites in the UK.
What is an Investment Zone?
Investment Zones are new hubs for investment and innovation, helping businesses in struggling areas to grow, offering tax reliefs to eligible firms that are located in designated tax sites.
The type of tax relief available to these businesses includes relief on employer National Insurance Contributions (NICs), Business Rates, Stamp Duty Land Tax (SDLT) or equivalent in Wales and Scotland, Enhanced Structures and Buildings Allowance, and Enhanced Capital Allowances – alongside wider support on planning, infrastructure, innovation and skills.
An Investment Zone:
- Offers favourable environments and opportunities for businesses to develop
- Supports the creation of highly skilled jobs
- Has a positive effect on communities
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New Investment Zone tax sites
Seven Investment Zones across the UK now include designated tax sites, which include the two newest sites in Scotland.
The UK now has a total of 12 Investment Zones:
- 8 in England
- 2 in Scotland
- 2 in Wales
With zones supporting five priority sectors:
- Advanced manufacturing
- Green industries
- Creative industries
- Digital and technology
- Life sciences.
Jonathan Athow, HMRC Director General for Customer Strategy and Tax Design, said, “We have the right economic plan – Investment Zones across the UK are creating thriving business hubs centred around growth, highly skilled jobs and benefitting the local communities.
“The tax sites can offer real benefits and tax reliefs to eligible businesses – helping them grow and invest in their future.”
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