Cornwall Airport Newquay has today been named as a potential Investment Zone in the Chancellor’s Growth Plan.
Investment Zones will drive growth across the UK by lowering taxes and liberalising planning frameworks to encourage rapid development and business investment.
Cornwall Airport Newquay joins a number of other sites in Cornwall that could benefit from this status.
Investment Zones will benefit from:
- Lower taxes – businesses in designated sites will benefit from time-limited tax benefits.
- Accelerated development – there will be designated development sites to both release more land for commercial development, and to support accelerated development. The need for planning applications will be minimised and where planning applications remain necessary, they will be radically streamlined. Development sites may be co-located with, or separate to, tax sites, depending on what makes most sense for the local economy.
Welcoming the news was St Austell and Newquay’s Member of Parliament Steve Double. He said:
“Cornwall Airport Newquay is a critical and growing part of Cornwall’s infrastructure and today’s announcement from the Chancellor confirms the potential that the Government sees in it.”
“I am pleased to see the Conservative Administration at Cornwall Council working with the Government to realise this potential.”
“This is a very welcome development and will build on the existing enterprise zone status of the airport and provide prospective businesses looking to invest in the area incentives to do so.”
“I look forward to seeing more details on these proposals and working with all concerned to help continue the growth of Cornwall Airport Newquay.”
Businesses in designated areas in investment zones will benefit from 100% business rates relief on newly occupied and expanded premises. Local authorities hosting Investment Zones will receive 100% of the business rates growth above an agreed baseline in designated sites for 25 years.
In addition, businesses will receive full stamp duty land tax relief on land bought for commercial and a zero rate for Employer National Insurance contributions on new employee earnings up to £50,270 per year.