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Continuing on from our recent updates on the Government Levelling Up initiatives and the massive investment being made in Blyth, it is pleasing to see the Chancellor Jeremy Hunt has announced plans that the Tees Valley is being shortlisted as one of 8 places to host a high growth investment zone. 😍

🥳 The North East continues to be a focus for growth with the North East being asked to submit investment zone proposals for specific areas with a focus on industry and research institutions. The aim is to use underdeveloped land and have proposals agreed by March 2024.

Guess what… there are also tax incentives offered to these zones such as:

✅ Stamp Duty Land Tax relief

✅ 100% Business Rates relief (some places hosting investment zones could also receive 100% of the business rates growth over an agreed baseline for 25 years)

✅ Enhanced Capital Allowances – 100% first year allowance

✅ Enhanced Structures and Buildings Allowance

✅ Lower employer National Insurance Contributions

However, these incentives are only limited to 5 years.

Investment Zones are aimed to boost productivity, provide high priority jobs in places, level up the economy and encourage growth in the UK’s key sectors: digital and technology, green industries, life sciences, advanced manufacturing and creative industries. ✨

If you are looking to invest in the North East, don’t hesitate to send us a message. Let’s talk about these opportunities!

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