Businesses locating in the Black Country Enterprise Zone will benefit from tax incentives for a further three years, under measures announced by the Chancellor in yesterday’s Budget.
This means that new businesses moving to the Black Country’s Zone will benefit from business rate discounts for five years, with the offer available to businesses until March 2018.
In addition, on sites where enhanced capital allowances are available, businesses now have until March 2020 to make a qualifying investment, and can then write off up to £100m against corporation tax.
Tom Westley, Black Country LEP Board lead on the Enterprise Zone said, "The budget announcement of extensions for business rate discounts and enhanced capital allowances is a great boost for the Black Country Enterprise Zone."
Local Growth Minister Kris Hopkins said, "The Black Country Enterprise Zone is already a hub for automotive manufacturing, and has attracted four new companies since 2012. Today’s announcement will provide long-term stability and the platform to expand the automotive sector, helping to rebalance the British economy towards trade and investment.”
The Zone’s target is to create 6,000 jobs by 2020, primarily in the automotive, advanced manufacturing, aerospace and low carbon sectors.
Jaguar Land Rover is investing £500m in its i54 Engine Manufacturing Centre, opening in 2015, creating 1,400 jobs. Jaguar Land Rover announced this month that the plant will produce the engines for the Jaguar XE, the company’s most important model to date.