THE new Chancellor addressed MP’s on Friday, September 23, 2022, to announce his financial plans under Truss’ government.
The Chancellor discussed the creation of low-tax investment zones. Here is what you need to know about investment zones.
What is an investment zone?
The areas that are chosen by the government to be low-tax investment zones will enjoy lower taxes and reduced planning restrictions.
During her Tory leadership campaign, PM Liz Truss said that investment zones would be central for her plans to boost growth.
Chancellor, Kwasi Kwarteng addressed the matter during his speech to fellow MP’s this morning, on Friday, September 23.
He told the House of Commons, “To support growth right across the country, we need to go further, with targeted action in local areas.
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“So, today, I can announce the creation of new investment zones. We will liberalise planning rules in specified agreed sites, releasing land and accelerating development.
We will cut taxes.”
He explained that the governments plans to enforce low-tax investment zones for businesses will last at least ten years.
Kwarteng revealed that the government is discussing creating these zones in nearly 40 places.
How do investment zones affect me?
Kwarteng is said to already be in talks with 38 areas across the country about becoming low-tax investment zones.
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These areas include:
- Blackpool Council
- Bedford Borough Council
- Central Bedfordshire Council
- Cheshire West and Chester Council
- Cornwall CouncilCumbria County Council
- Derbyshire County Council
- Dorset Council
- East Riding of Yorkshire Council
- Essex County Council
- Greater London Authority
- Gloucestershire County Council
- Greater Manchester Combined Authority
- Hull City Council
- Kent County Council
- Lancashire County Council
- Leicestershire County Council
- Liverpool City Region
- North East Lincolnshire Council
- North Lincolnshire Council
- Norfolk County Council
- North of Tyne Combined Authority
- North Yorkshire County Council
- Nottinghamshire County Council
- Plymouth City Council
- Somerset County Council
- Southampton City Council
- Southend-on-Sea City Council
- Staffordshire County Council
- Stoke-on-Trent City Council
- Suffolk County Council
- Sunderland City Council
- South Yorkshire Combined Authority
- Tees Valley Combined Authority
- Warwickshire County Council
- West of England Combined Authority
- West Midlands Combined Authority
- West Yorkshire Combined Authority
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If you work in an area that is turned into a low-tax investment zone, your business will pay a reduced amount of tax.
This is in the hopes that new jobs will be created and that there will be more investment in new restaurants, shopping centres, offices, and apartments.
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