UK Growth plan 2022 Investment Zones

His Majesty King Charles ÌII, Chancellor of Exchequer in the mini-budget of 23rd September 2022, revealed the proposal to have Investment zones in designated areas. These areas will have tax incentives for both commercial/industrial and residential Investment in the zones. In the Greater Birmingham area this is going to be in Solihull area near the HS 2 interchange Station, for Birmingham. The HS 2 is the high speed rail project which link UK’s major cities, once operational the time to travel to London will be 38 minutes. Furthermore, this area is close to the Birmingham International Airport. The location of the Investment zone will be a gamechanger for the Greater Birmingham area.

Budget statement extract on Investment Zones.

Investment Zones
The government will work with the devolved administrations and local partners to introduce Investment Zones across the UK.

Covent Garden Underground Station by N Chadwick is licensed under CC-BY-SA 2.0

Investment Zones aim to drive growth and unlock housing. Areas with Investment
Zones will benefit from tax incentives, planning liberalisation, and wider support for the local economy.
The specific interventions in Investment Zones will include:
• Lower taxes – businesses in designated sites will benefit from time-limited tax incentives.
• Accelerated development – there will be designated development sites to deliver growth and housing. Where planning applications are already in flight, they will be streamlined and we will work
with sites to understand what specific measures are needed to unlock growth, including disapplying legacy EU red tape where appropriate.

Photo by Jessica Bryant on

Development sites may be co-located with, or separate to, tax sites, depending on what makes most sense for the local economy.
• Wider support for local growth – for example, through greater control over local growth funding for areas with appropriate governance. Subject to demonstrating readiness, Mayoral CombinedAuthorities hosting Investment Zones will receive a single local growth settlement in the next Spending Review period.

Specified sites in England will benefit from a range of time-limited tax incentives over 10 years.

The tax incentives under consideration are:
• Business rates – 100% relief from business rates on newly occupied business premises, and certain existing businesses where they expand in English Investment Zone tax sites.

Councils hosting Investment Zones will receive 100% of the business rates growth in designated sites above an agreed baseline for 25 years.

• Enhanced Capital Allowance – 100% first year allowance for companies’ qualifying
expenditure on plant and machinery assets for use in tax sites.

• Enhanced Structures and Buildings Allowance – accelerated relief to allow businesses to reduce their taxable profits by 20% of the cost of qualifying non-residential investment per year, relieving 100% of their cost of investment over five years.

Photo by Pixabay on

• Employer National Insurance contributions relief – zero-rate Employer NICs on salaries of any
new employee working in the tax site for at least 60% of their time, on earnings up to £50,270 per year, with Employer NICs being charged at the usual rate above this level.
• Stamp Duty Land Tax – a full SDLT relief for land and buildings bought for use or development for commercial purposes, and for purchases of land or buildings for new residential development.
The Department for Levelling Up, Housing and Communities will shortly set out more detail on the planning offer. This will include detail on the level of deregulation and the streamlined mechanism for
securing planning permission.

The government will deliver Investment Zones in partnership with Upper Tier Local Authorities and Mayoral Combined Authorities in England, who will work in partnership with their relevant districts and/ or constituent councils. All Investment Zone agreements will contain tax and development sites. Areas will be responsible for putting forward sites and demonstrating their potential impact on economic
growth, including by bringing more land forward and accelerating development.
Investment Zones will only be chosen following a rapid Expression of Interest process open to everyone, and after local consent is confirmed.

However, examples of illustrative sites that may have the potential to accelerate growth and deliver housing in the way the Investment Zone programme envisages can be
found in Annex A.

The government is in early discussions with 38 Mayoral Combined Authorities and Upper Tier Local Authorities who have already expressed an initial interest in having a clearly designated, specific site
within their locality. A full list of these 38 authorities is available in Annex A.
The government will deliver Investment Zones in Scotland, Wales and Northern Ireland and intends to work in partnership with the devolved administrations and local partners to achieve this. The
government will legislate for powers to create tax and development sites in Investment Zones where powers are reserved.

The government remains committed to the progress of the Freeports programme. The government will work with local partners involved in current and prospective Freeports to consider whether and how the
Investment Zones offer can help to support their objectives, as part of the wider process for identifying Investment Zones. This will ensure that both programmes complement one another.

Annex A Designate Areas for Investment Zones

A Investment Zones –
interested areas
A.1 Investment Zones will only be chosen following a rapid expression of interest process open
to everyone and after local consent is confirmed. Examples of illustrative sites that may have the
potential to accelerate growth and deliver housing in the way the Investment Zone programme
envisages include:

  1. Blackpool Airport
  2. Blackpool Town Centre
  3. Langarth Garden Village, Cornwall
  4. Newquay Airport, Cornwall
  5. Falmouth Docks, Cornwall
  6. Ellesmere Port Industrial Area, Cheshire West & Chester
  7. HS2 Interchange, Solihull
  8. the site of a proposed battery Gigafactory at Coventry Airport
  9. sites in the Black Country
  10. sites in Barrow-in-Furness
  11. Workington and the Energy Coast, Cumbria
  12. sites near Weymouth, Dorset
  13. the proposed Mayoral Development Corporation site in Hartlepool
  14. the proposed Mayoral Development Corporation site in Middlesbrough
  15. Teesside International Airport
  16. Ebbsfleet Central
  17. the River Hull corridor
  18. Charnwood Campus in Leicestershire
  19. Plymouth City Centre and Waterfront
  20. Ceramic Valley in Stoke-on-Trent
  21. Gravity, Somerset
  22. Riverside, Sunderland
  23. the Northern Spire, Sunderland
  24. the International Advanced Manufacturing Park, Sunderland
    A.2 The government is in early discussions with the following 38 Authorities on establishing an
    Investment Zone in their area:
  25. Blackpool Council
  26. Bedford Borough Counci
  27. Central Bedfordshire Council
  28. Cheshire West and Chester Council
  29. Cornwall Council
  30. Cumbria County Council
  31. Derbyshire County Council
  32. Dorset Council
  33. East Riding of Yorkshire Council
  34. Essex County Council
  35. Greater London Authority
  36. Gloucestershire County Council
  37. Greater Manchester Combined Authority
  38. Hull City Council
  39. Kent County Council
  40. Lancashire County Council
  41. Leicestershire County Council
  42. Liverpool City Region
  43. North East Lincolnshire Council
  44. North Lincolnshire Council
  45. Norfolk County Council
  46. North of Tyne Combined Authority
  47. North Yorkshire County Council
  48. Nottinghamshire County Council
  49. Plymouth City Council
  50. Somerset County Council
  51. Southampton City Council
  52. Southend-on-Sea City Council
  53. Staffordshire County Council
  54. Stoke-on-Trent City Council
  55. Suffolk County Council
  56. Sunderland City Council
  57. South Yorkshire Combined Authority
  58. Tees Valley Combined Authority
  59. Warwickshire County Council
  60. West of England Combined Authority
  61. West Midlands Combined Authority
  62. West Yorkshire Combined Authority
Contact us at Everest Financial for your funding needs for Development finance, Commercial business finance and personal or business property needs.

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Published by Mohamed Ebrahim, MBA, CeMap, MLIBF, MCSI

Mohamed Ebrahim Mohamed is an author of books related to Islamic Finance, Financial Reporting, Accountancy, and related topics. Mohamed, is currently based in Birmingham, West Midlands, England, United Kingdom and is a Co-founder, CEO and Director of a Start-up Everest Fin Edu Tech Limited. He utilises his training and experience of over 25 years to find funding solutions for individuals, businesses and property buyers, investors and developers especially for the SME'S. Mohamed, is a Senior Partner with Ace Associates LLP - Certified Public Accountants & CEO of Ace Financial Advisory Limited, he is a CPA Kenya and holds an MBA from The University of Manchester (UK) and B.A (Hons) from Manchester Metropolitan University, He has worked for over 25 years with firms in Kenya -Ernst & Young – Assurance Advisory Business Service & Tax Service lines, PKF Kenya Audit Senior, and Devani –Devani & Co. United Arab Emirates -Group Financial Controller - Credo Investments FZE. Canada – Mc Tavish & Co. CPA’s. A member Institute of Directors (Kenya) and Non-Executive Directors Association (UK). He served on the ICPAK Coast Branch, Executive Council as Secretary and CPD Convener (2013-15) and from May 2016 to May 2018. Vice-Chair May 2018 to June 2020. He was commended by ICPAK in June 2015 for his services to the Accounting profession by ICPAK. Furthermore, Mohamed Ebrahim was awarded a Fellowship of the Institute of Certified Public Accountants of Kenya on.11th December 2020. Educational & Professional details. Mohamed speaks English, Gujerati, Hindi, Urdu, Swahili. Born in an Indian immigrant family from Gujerat India, settled on the Swahili Coast of East Africa for four (4) generations, Bachelor of Arts (Hons) – Sustainable Performance Management Manchester Metropolitan University Master of Business Administration The University of Manchester – Manchester Business School Certified Islamic Finance Executive (CIFE) Advanced. Certified Islamic Finance Executive in Islamic Accounting Ethica Institute of Islamic Finance, Dubai, UAE. ACMA, CGMA, Member, Chartered Institute of Management Accountants and Association of International Certified Professional Accountants, registered as a CIMA Member in Practice. CPA, Practicing member Institute of Certified Public Accountants of Kenya FCFIP, Fellow Member -International Institute of Certified Forensic Investigation Professionals FCT, Fellow Member, Fellow Chartered Treasurer FFA – Fellow of the Institute of Financial Accountants MCIArb - Chartered Institute of Arbitrators, Full Member. MCSI: Member, Chartered Institute of Securities & Investments Institute of Internal Auditors - Member Currently, a Doctoral Student at the Edinburgh Business School, completed the Coursework stage, working on the doctoral thesis Interim Award - Post Graduate Certificate in Business Research methods Short Courses and MOOC’s • The World Bank Group's MOOC on Financing for Development. • Financial Markets an online non-credit course authorized by Yale University, facilitator being Professor Robert Shiller – 2013 recipient of Nobel Prize in Economic sciences • Principles of Valuation: Time Value of Money authorized by University of Michigan • Islamic Financial & Capital Markets -101 - & Structure and Trading of Sukuk102 – by Islamic Research and Training Institute • Islamic Finance & Banking 101 & 102 – Islamic Modes of Finance - by Islamic Research and Training Institute • University Teaching MOOC on Coursera by Hong Kong University. • Oxford Brookes University Business School – Online mentoring Course • ICPAK - Training of Trainers PRESENTATIONS AND PUBLICATIONS Professional Conference paper IICFIP 2014 Global Conference “Creating a Business Culture based on ethics” MBA Dissertation Risk Management in Islamic Financial Institutions Publications in Professional Journals The Accountant – Journal of the Institute of Certified Public Accountants of Kenya • Tax Reforms 1 – Time for a Flat Tax system in Kenya – February- March 2012 issue • Tax Reforms 2 – Specific Tax Simplification Reforms – April –May 2012 Issue • Risk Management in Islamic Financial Institutions – December-January 2013 issue Africa Islamic Finance Report (Volume 1 no, 2)- April- June 2016 • A case for Islamic Sharia Compliant Real Estate Investment Trust (Islamic REITS) in Kenya Others Islamic Home Financing

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