Shoreham businesses could get tax breaks with investment zone offer

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Businesses could get an economic boost from tax breaks if an application for a new government investment zone initiative is successful.

An application has been made by Adur District Council, West Sussex County Council and the Port of Shoreham for the coastal town to become the site of one of the new areas, which aim to attract investment, supporting growth and jobs, and unlocking development and the economy. activity through a variety of tax breaks.

The zones will place particular emphasis on cleaner alternatives to move away from fossil fuels and green energy generation to reduce emissions and improve air quality.

If the bid is successful, businesses in Shoreham could benefit from certain tax reductions including corporate rates, stamp duty and relief from National Insurance contributions.

Councilor Steve Neocleous, Cabinet Member of Adur District Council for Regeneration and Strategic Planning, said: “In these incredibly difficult market conditions with the cost of living continuing to rise, we want to do everything our best to give the local economy a vital boost.

“We look forward to continuing to work closely with the Port of Shoreham to boost employment prospects for the long-term benefit of residents and businesses in Shoreham and the surrounding area.”

Paul Marshall, leader of West Sussex County Council, said the opportunity would help boost the economy and businesses in Shoreham and the wider county region.

“By submitting a bid for investment areas, we hope that the green energy ambitions of the Port of Shoreham will be supported.”

Tom Willis, CEO of Shoreham Port, said he was “very pleased” to have submitted the proposal and said: “It will present a huge opportunity to attract new business and investment.”

Investment zones are one of the few remaining features of the government’s mini-budget announced by former Chancellor Kwasi Kwarteng last month before he was sacked and replaced by Jeremy Hunt.

A decision on the winning bids is expected to be made on November 2.

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