Oxfordshire: Enterprise Zone announced
The Government has announced the creation of a new Enterprise Zone in South Oxfordshire – Science Vale UK.
Enterprise Zone status offers a helpful package of tax benefits and support for businesses that will be particularly welcome, says Thames Valley accountants and business advisers James Cowper.
The Science Vale UK Enterprise Zone comprises two of the largest science and research parks in South Oxfordshire – Milton Park and Harwell Campus. Businesses in the Enterprise Zone encompass space technology, nuclear energy, bioscience and biotechnology and IT.
Businesses in the Science Vale UK Enterprise Zone can benefit from:
• a business rate discount worth up to £275,000 per eligible business over a five year period;
• all business rates with the Enterprise Zone being reinvested in the area to support further growth;
• a radically simplified planning regime to enable development; and
• Superfast broadband.
Sue Staunton, a partner and head of the technology team at James Cowper, who acts for many businesses based in the Enterprise Zone, said: “The Government in selecting Science Vale UK recognises that the businesses based there are critical to the future prosperity of the UK and need support.
“Science Vale UK has many excellent businesses entrepreneurial ideas. Young technology businesses need support – both in terms of tax benefits, infrastructure and advice – and Enterprise Zone status provides all of this. This is a most welcome decision.”
Enterprise Zone status can attract other benefits to suit specific local needs. These might include:
• enhanced capital allowances (instead of business rate discounts) for plant and machinery;
• Tax Increment Finance – local authority borrowing against future tax revenues to lead development – to support the long term viability of the area; and
• UKTI support for inward investment or trade opportunities in the Zone.
Staunton added: “Science Vale UK estimates that achieving Enterprise Zone status will create 8,400 new jobs and lead to 200,000sq m of development by 2015. Businesses combined will save more than £1bn in business rates over the next five years. This is a significant boost to an already successful cluster and will cement South Oxfordshire as one of the UK’s leading technology hubs.”
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