Businesses moving to Renfrewshire’s Advanced Manufacturing Innovation District Scotland (AMIDS) and Glasgow Airport can now benefit from a range of tax reliefs aimed at attracting investment, trade and jobs to the area as part of the £190million Glasgow City Region Investment Zone.
The UK and Scottish Governments have confirmed the new tax site is now live, meaning eligible new businesses locating at AMIDS or Glasgow Airport can now access up to £25million in tax reliefs by choosing to base themselves in the district.
The move has the potential to unlock millions of pounds in private investment and create thousands of new jobs in Renfrewshire.
Eligible businesses can access relief on Land and Buildings Transaction Tax (LBTT), Non-Domestic Rates (NDR), enhanced capital allowance, enhanced structures and buildings allowance, and employer National Insurance contributions. Wider support will also be available through planning, infrastructure, innovation and skills.
Alongside this, the Glasgow City Region will retain any additional non-domestic rates generated within the zone.
This means growth in business rates, which would normally be transferred to the Scottish Government, will instead be kept and reinvested into further development of the Investment Zone, supporting infrastructure, skills and innovation across Renfrewshire and the wider city region.
Renfrewshire Council Leader Iain Nicolson said: “The new tax site will make the Advanced Manufacturing Innovation District Scotland (AMIDS) even more attractive to businesses considering locating here as, not only will they be able to collaborate with sector-leading organisations, access a state-of-the-art district heating network, and make use of unrivalled transport links, they will now have significant financial incentives too.
“AMIDS is already home to world leading organisations in the advanced manufacturing sector and the tax site will only invite more to join them — bringing new jobs, investment and growth to our local economy and unlocking significant opportunities for our communities, businesses and future workforce.”
The new tax site spans more than 112 hectares and includes land at AMIDS, Glasgow Airport, Abbotsinch, Airside North and Campsie Drive.
Kam Jandu, CEO of AGS Airports, said: “Securing tax site status as part of the Glasgow City Region Investment Zone is a hugely significant moment for Glasgow Airport and the wider region. It accelerates our ambition to develop a Glasgow AirportCity – a hub of precision engineering and advanced manufacturing with significant apprenticeship and upskilling programmes forecast to help create 2,300 skilled jobs and £205 million in annual GVA.
“The airport already delivers major value to the Glasgow City Region and the Scottish economies, and this announcement strengthens our role as a driver of jobs, growth and connectivity. Combined with AviAlliance’s £350 million investment, including Glasgow’s Terminal Transformation plans, the tax site provides the certainty needed to attract investment and support long-term sustainable growth.”
Backed by £190million in funding over 10 years from the UK and Scottish Governments, the Glasgow City Region Investment Zone is one of only two in Scotland and aims to accelerate economic growth, attract inward investment and create high-value jobs.
Susan Aitken, Chair of the Glasgow City Region Cabinet and Leader of Glasgow City Council, said: “This move is a major milestone, both for the development of our Investment Zone and for the empowerment of Glasgow City Region.
“The ability to retain the business rates raised in the zone means we can reinvest millions into supporting new high-growth sectors, attract more skilled jobs and boost the regional economy so that everyone benefits.
“The Tax Site is exactly the type of financial lever we’ve been calling for to help unlock the opportunities for growth and equity across the City Region. I’m delighted that both the Scottish and UK Governments have taken this early step in responding to our ambitions for, and commitment to, Metropolitan Glasgow.”
The UK now has a total of 12 Investment Zones — eight in England, two in Scotland and two in Wales — supporting five priority sectors: advanced manufacturing, green industries, creative industries, digital and technology, and life sciences.
Jonathan Athow, HMRC Director General for Customer Strategy and Tax Design, said: “Investment Zones across the UK are creating thriving business hubs centred around growth, highly skilled jobs and benefitting the local communities.
“The tax sites can offer real benefits and tax reliefs to eligible businesses – helping them grow and invest in their future.”
AMIDS is a joint project between Renfrewshire Council and Buccleuch Property and is already home to two national innovation assets as anchor tenants: CPI’s Medicines Manufacturing Innovation Centre and the National Manufacturing Institute Scotland (NMIS).
For more information on locating at AMIDS or Glasgow Airport, visit www.amids.co.uk or www.glasgowairport.com and for information on the investment Zone, visit www.glasgowcityregion.co.uk.