New fund to support science investment zone

Article date: October 15th 2024

The Liverpool City Region Life Science Investment Zone is looking for opportunities across the region and at St Helens Borough Council's Cabinet councillors will be asked to consider the creation of a St Helens Investment Zone (Tax Increment Finance) Fund.

A St Helens Investment Zone Tax Site offers the occupiers the following benefits and aims to unlock significant private investment and create jobs for the region:

·        100 per cent discretionary Business Rate relief for five years from first receiving the benefit and with effect until September 2034.

·        Exemption from Stamp Duty Land Tax when buying any land or buildings in the site subject to it being acquired and used for qualifying commercial purposes.

·        Relief from employers National Insurance contributions (for three years) - this is up to £25,000 per year where new employees spend 60 per cent or more of their working time in the tax site.

·        Further cash flow benefits are also available for tax allowances (Structures and Buildings Allowance and Enhanced Capital Allowances)

The St Helens Investment Zone Tax Site is known as the St Helens Manufacturing and Innovation Campus, which will include SINA Medical, Glass Futures, Innovus Medical HQ, Project Halo and the former Watson Street Works. The Project Halo and Watson Street Works elements will be subject to future Cabinet reports.

The report states: "The Government has recently approved the creation of Investment Zones across the UK, which includes a Liverpool City Region Life Sciences Investment Zone incorporating a St Helens Investment Zone Tax Site. The approval of the participation of the council in the Liverpool City Region Freeport Scheme and the creation of an Investment Fund will provide opportunities to maximize regenerative benefits across the borough."

Councillors will decide on the proposals at Cabinet on Wednesday, 23rd October at 4pm.