The Designation of Special Tax Sites (East Midlands Investment Zone) Regulations 2025
On 5 February 2025, new legislation came into force in the United Kingdom, designating the East Midlands region as a Special Tax Site (STS). This new status brings with it a number of tax benefits for businesses operating in the area, with the aim of stimulating economic growth and investment.
The STS designation is part of the government’s wider Levelling Up agenda, which seeks to reduce regional inequality across the UK. The East Midlands has been identified as a priority area for investment, and the STS designation is one of a number of measures being introduced to support the region’s economy.
The tax benefits available to businesses in the East Midlands STS include:
- A 100% business rates relief for new businesses
- A 50% business rates relief for existing businesses
- A 100% enhanced capital allowance for investment in plant and machinery
- A 100% enhanced capital allowance for investment in buildings and structures
- A 50% enhanced capital allowance for investment in intangible assets
These tax breaks are designed to make it more attractive for businesses to invest in the East Midlands, and to help them grow and create jobs. The government estimates that the STS designation could create up to 10,000 new jobs in the region by 2030.
The STS designation will be in place for ten years, until 2035. The government will review the impact of the designation after five years, and may extend it if it is deemed to be successful.
The East Midlands STS is a significant opportunity for businesses in the region. The tax benefits on offer could make a real difference to their bottom line, and help them to grow and create jobs. The government is committed to the success of the STS, and will be working closely with businesses and local authorities to ensure that it delivers the desired economic benefits.
The Designation of Special Tax Sites (East Midlands Investment Zone) Regulations 2025
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
UK New Legislation a new article on 2025-02-05 14:19 titled “The Designation of Special Tax Sites (East Midlands Investment Zone) Regulations 2025”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
77