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Potential opportunities for Enhanced Capital Allowance support for companies based in the Sheffield City Region

posted 16 Dec 2011, 02:10 by RiDO Rotherham   [ updated 3 Jan 2012, 03:11 ]
Earlier in the year (2011) the Sheffield City Region (SCR) Enterprise Zone was approved by Government. Our Enterprise Zone is one of twenty two Enterprise Zones in Local Enterprise Partnership areas across England. This includes Enhanced Capital Allowances for plant and machinery where it is considered that there is an opportunity for investment in manufacturing activity.

The subsequent available Enhanced Capital Allowances (ECAs) present a massive opportunity to attract major inward investment to the City Region. The LEP Board is keen to look at how this opportunity could be used to support locally based companies. With this in mind, the LEP Board has agreed that ECAs should be used to (a) attract inward investment and (b) enable strategic investments from companies already based in the SCR that would not otherwise happen or that would be accelerated by ECA incentives. Decisions around ECA investments (regardless of whether they are from inward investors or from locally based companies) will be subject to assessment against LEP defined criteria in order to ensure that any decision making is as open, inclusive and as fair as possible.

Click on the link at the bottom of the page to view a letter from the Sheffield City Region Local Enterprise Partnership Chairman, James Newman, inviting locally based companies/ landowners to assess if they meet the criteria set out and if so to consider submitting more information in line with the detailed criteria set out.

In summary, if you are an eligible company with plans for major capital investment (over £50m) in plant and machinery over the next 5 years and the proposed investment will or could take place within the designated Enterprise Zone ECA sites (i.e at Markham Vale, Advanced Manufacturing Park/ Waverley or the Sheffield-Rotherham Enterprise Zone area) then we would like to hear from you (please bear in mind the relatively short timescales - expressions of interest by 6th January, full submissions by 20th January).

Click here for more information and to read the official letter from James Newman.