Plans published for £150m investment zone for Northern Ireland26 Mar 2024 18:40
Https://www.gov.uk/government/news/plans-published-for-150m-investment-zone-for-northern-ireland
The £150m envelope will be able to be used flexibly between tax incentives and spend. All funding proposals, whether tax incentives or flexible spend, are subject to compliance with the relevant rules on subsidies and affordability, and recognising that Northern Ireland currently has a bespoke industrial derating relief that applies to all relevant businesses across Northern Ireland. The following tax reliefs could be available in any tax sites that are designated within the Enhanced Investment Zone. The tax reliefs are intended to help sectors and sites that have high potential but commercial viability issues.
Stamp Duty Land Tax
Enhanced Capital Allowance
Enhanced Structures and Buildings Allowance
Employer National Insurance Contributions relief
In addition to fiscal incentives, the flexible spend portion of the overall funding envelope could be used across a range of interventions, to attract investment and unlock barriers holding back the growth of the sector. Funding could be used for research and innovation, skills, local infrastructure, local enterprise and business support, and planning and development.