Following David Cameron’s visit to The Peel Group’s Mersey Waters developments in January 2011 and the Government’s subsequent decision to designate it as one of the UK’s first four frontline Enterprise Zones, further support was announced for the project.
Chancellor George Osborne revealed in the 2011 Autumn Statement that the Mersey Waters Enterprise Zone has secured Enhanced Capital Allowance (ECA) status.
The Autumn Statement outlined: "Capital allowances in Enterprise Zones will qualify for enhanced capital allowances. In these areas, 100 per cent allowances will be available for plant and machinery investment incurred between April 2012 and March 2017 ".
The Mersey Waters Enterprise Zone which includes Wirral Waters and Liverpool Waters will be one of only six of the Governments Enterprise Zone areas to be granted such benefits and the only one in the North West.
It will bring significant savings to businesses within the zone and has already led to talks for an Automotive Supplier Park and a Rail Rolling Stock Assembly facility. ECA status offers great savings to those types of operators particularly to those companies with a need for port access.
It is also positive news for overseas businesses that will be based in the Peel International Trade Centre (Peel ITC), a trading hub into the UK and Western Europe which was granted planning permission in September 2011.
Richard Mawdsley at Peel said,
“I am delighted with the Chancellors announcement that the Mersey Waters Enterprise Zone has qualified for Enhanced Capital Allowance. It is a further endorsement by Government for the Waters projects and adds a welcome addition to the suite of benefits for new occupiers to the EZ.”
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