There are a wide range of cost-effective sites and premises across Tees Valley, with eight Enterprise Zones and more than 425 hectares of prime land available for new business investment.
The sites offer financial incentives and tax relief to companies choosing to locate there, as well as other benefits such as simplified planning and super-fast broadband.
The Tees Valley Enterprise Zone encompasses a wide range of sites, including a number with existing units. Sites include both new and established business and enterprise parks, plus large cleared industrial sites with access to utilities, port services and logistics.
All Enterprise Zone sites offer excellent transport connections, with road links to the A66, A19 and A1(M), main line railway stations offering passenger and freight services, an international airport on the doorstep and access to one of the UK’s largest deep water ports, Teesport.
Business Rate Relief
There are four Business Rate Relief sites in the Tees Valley Enterprise Zone. Companies locating to one of these sites can qualify for business rate relief of up to £55,000 per year for five years, totalling £275,000.
These sites are ideal for small and medium-sized businesses which form the supply chain of the area’s heavy industry such as petrochemicals, renewable energy and advanced engineering, or which are part of the area’s emerging and fast-growing digital and professional services sector.
Enhanced Capital Allowance
Four sites have Enhanced Capital Allowance. These allowances are available on the larger industrial sites and companies investing on one of these sites will be eligible for Enhanced Capital Allowances if they invest in qualifying plant and machinery, particularly in the renewable energy, chemicals and advanced manufacturing and engineering sectors.
Companies locating on these sites can apply to receive first-year capital allowance at 100% on qualifying plant and machinery, to a maximum of £100million to offset against corporation tax when the investment is made before March 2020. Tees Valley is one of only a small number of areas across the country that can offer large-scale occupiers enhanced capital allowances on their plant and machinery.
Where the company makes a trading loss for tax purposes, and the loss is not offset against other group profits or carried back, it can be carried forward indefinitely to be set against taxable profits from the same trade in future accounting periods.