{"id":1065,"date":"2018-09-28T15:12:01","date_gmt":"2018-09-28T14:12:01","guid":{"rendered":"https:\/\/redcarcleveland.co.uk\/business\/?page_id=1065"},"modified":"2018-10-11T17:58:38","modified_gmt":"2018-10-11T16:58:38","slug":"enterprise-zones","status":"publish","type":"page","link":"https:\/\/redcarcleveland.co.uk\/business\/enterprise-zones\/","title":{"rendered":"Enterprise Zones"},"content":{"rendered":"

Enterprise Zones in Redcar and Cleveland<\/h1>\n

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Enterprise Zones (EZ) are great places to do business especially for both new and expanding firms.\u00a0 Simplified planning and financial incentives are available to qualifying businesses (ie those within the target sectors) by way of Planning Performance Agreements (PPA) and Enhanced Capital Allowances (ECA).<\/p>\n

A PPA is an agreement between a developer and a local planning authority (and usually other key players such as statutory consultees) setting out who will do what and when.\u00a0 The PPA will set out agreed timescales, consultation arrangements, information required, key milestones and timescales, to ensure that a planning application meets the required quality standards and a speedy decision can be made.\u00a0 A formal planning application has still to be submitted but following a successful PPA process, approval should be relatively straightforward.\u200b<\/p>\n

ECA entitles companies locating on to an EZ site to apply to receive first-year capital allowance at 100% on qualifying plant and machinery, to a maximum of \u00a3100 million to offset against corporation tax when the investment is made before March 2020.<\/p>\n

Redcar | Cleveland\u00a0 is one of only a small number of areas across the country that can offer large-scale occupiers ECA on their plant and machinery.\u00a0 Where the company makes a trading loss for tax purposes, and the loss is not offset against other group profits or carried back, it can be carried forward indefinitely to be set against taxable profits from the same trade in future accounting periods.<\/p>\n

All our EZ sites offer excellent transport connections, with road links to the A66, A19 and A1(M), main line railway stations offering passenger and freight services, an international airport on the doorstep and access to one of the UK\u2019s largest deep water ports, Teesport.<\/p>\n

In Redcar | Cleveland, there are three EZ sites aimed at advanced engineering, chemical and renewable energy sectors:<\/p>\n