AQW 37643/11-15 Written question to the Minister of Enterprise, Trade and Investment
To ask the Minister of Enterprise, Trade and Investment when she expects the enterprise zone in Coleraine to be confirmed by Her Majesty's Treasury.
Asked by Claire Sugden MLA on 17 October 2014
- Answered
- Written
- Tabled
- 17 October 2014
- Answer due by
- 3 November 2014
- Answered
- 29 October 201412 days after tabling
- Department
- Department for the Economy
- Priority question
- No
Answer
The UK Government’s Economic Pact, published on 14 June 2013, set out 3 commitments in relation to Enterprise Zones, focusing on Enhanced Capital Allowances (ECAs), which permit 100% first year allowances for qualifying plant and machinery expenditure.
The pilot Enterprise Zone announced in the Chancellor’s Budget statement in March 2014 will only offer ECAs as an incentive. The decision to designate a particular area offering ECAs is ultimately for Treasury. Discussions are ongoing between the relevant stakeholders to put the necessary arrangements in place and it is anticipated that formal designation of the zone by HMT will be progressed as soon as those discussions have concluded.