As you may know, last November Aylesbury Vale successfully bid for an ‘Enterprise Zone’ to be established in Buckinghamshire to help promote local growth and jobs. The benefits of the Aylesbury Vale Enterprise Zone came into effect on 1 April 2016.
Enterprise Zones are an integral part of the Government’s plan to promote local responsibility for growth and to promote commercial development. The scheme provides three key benefits:
- The ability to introduce a discounted business rate worth up to £275,000 per business over a five year period
- Tax relief for businesses who make large investments in plants and machinery
- Business rates growth generated by the Enterprise Zone is kept by the local area for 25 years so they can reinvest this in the local economy
Enterprise Zones show what can be achieved by the cooperation of Local Enterprise Partnerships, local authorities and the private sector to promote and deliver long-term and sustainable growth. The Aylesbury Vale Enterprise Zone will hope to build on the success of the other Enterprise Zones across Britain which have already managed to attract over 20,000 jobs, 550 business, two billion pounds of private sector investment into the Zones and more foreign investment into the country.