AQW 37103/11-15

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 07/10/2014
Answered On Date: 21/10/2014
Priority Written: No

Question:
To ask the Minister of Enterprise, Trade and Investment to outline the range of measures the Enterprise Zone in Coleraine plans to offer to incentivise firms to move into the area.

Answer:

Enterprise Zones in GB typically offer benefits through business rate discounts, simplified planning, access to superfast broadband and Enhanced Capital Allowances (ECAs) for a small number of Enterprise Zones within assisted areas. The majority of these incentives are, with the exception of ECAs, already devolved policy areas and the NI Executive is already taking steps to support businesses across Northern Ireland using these levers.

The UK Government’s Economic Pact, published on 14 June 2013, set out 3 commitments in relation to Enterprise Zones, focusing on Enhanced Capital Allowances (ECAs) which permit 100% first year allowances for qualifying plant and machinery expenditure.

The pilot Enterprise Zone announced in the Budget statement on 19 March will only offer ECAs as an incentive, which permits 100% first year allowances for qualifying plant and machinery expenditure. Such incentives are typically more attractive to particularly capital intensive investments.