Maria said, " This Government recognises the importance of Basingstoke as a business centre and I welcome the Chancellors announcement as part of his Autumn Statement that Basing View has been designated as an Enterprise Zone. This will mean more government funding for our town to redevelop Basing View."
Businesses basing themselves on Enterprise Zones can access a number of benefits:
- Up to 100% business rate discount worth up to £275,000 per business over a 5 year period
- Simplified local authority planning, for example, through Local Development Orders that grant automatic planning permission for certain development (such as new industrial buildings or changing how existing buildings are used) within specified areas
- Government support to ensure that superfast broadband is rolled out throughout the zone, and, if necessary, public funding
- 100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery on 8 Zones in Assisted Areas
The Chancellor announced at Budget 2014 that the deadlines for accessing business rate discounts and enhanced capital allowances on Enterprise Zones would be extended by 3 years. This means that businesses have until March 2018 to locate on an Enterprise Zone to be able to access business rate discounts. On sites where enhanced capital allowances are available, businesses now have until March 2020 to make their investment. The new Enterprise Zone will provide even more incentives for new businesses to come to Basing View and will make the council’s investment in the regeneration of the town centre business quarter go even further.