Investment Zones will be chosen following an ‘Expression of Interest’ process and after local consent is confirmed. The Government is in early discussions with 38 English local authorities who have already expressed an initial interest.
Specified sites in England will benefit from a range of tax incentives over 10 years. The tax incentives under consideration are:
The 100% enhanced capital allowances for plant and machinery will still need to be considered alongside the current 130% super deduction for main rate plant and machinery which, although due to finish after 31 March 2023, is subject to an ongoing consultation regarding potential wider changes to the capital allowances regime.