§ Mr. Robert Hughesasked the Secretary of State for the Environment which areas in the midlands are designated as enterprise zones; and what financial assistance is available by way of buildings, machinery or training grants for personnel of companies seeking to locate in an enterprise zone.
§ Sir George YoungThe following areas in the midlands have been designated as enterprise zones:
Name of zone Area of zone (hectares) Corby 113 Dudley 263 Telford 113 Wellingborough 54 Three financial benefits are available to firms in enterprise zones, for a 10-year period from the date on which each zone is designated:
- i. industrial and commercial property is exempt from rates;
- ii. One hundred per cent. of capital expenditure on the construction of industrial and commercial buildings can be set against tax. This allowance is available either for corporation or income tax purposes; and
- iii. the power of industrial training boards to impose a levy on employers does not apply to establishments in enterprise zones.