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Mini-Budget 2022: Investment Zones

Investment zones to drive growth

23 Sep 2022

The Government has announced that they are in discussions with 38 local authorities to establish investment zones in England to drive growth and create housing across the UK by lowering taxed and escaping planning regulations that are hindering development and business investment. The intention is to also work with administrations and partners to deliver investment zones in Scotland, Wales and Northern Ireland also.

Investment zones will provide the following benefits:-

  • Lower taxes a specified time for businesses in designated tax sites
    • 100% business rates relief on newly occupied and expanded premises
    • 100% stamp duty land relief for businesses on land bought for commercial or residential development
    • 0% employer’s national insurance on new employees earning up to £50,270 per year
    • 100% first year enhanced capital allowance relief for plant and machinery used within designated sites
    • 20% structures and buildings allowance relief per year
  • Development sites to release more land for housing and commercial development
  • Reduction or streamlining in planning requirements within development sites
  • Development and tax site may be co-located depending on the requirements of the local economy in each area
  • Support for local growth through funding provided to areas hosting these zones

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