Written question WQ94943
- Asked by
- Siân GwenllianPlaid
- To be answered by
- Cabinet Secretary for Economy, Energy and Planning
- Tabled
- Due
- Answered
- Time to answer
- 9 days
Question
Will the Government provide an update on investment zones, including the possibility of devolving tax powers to them?
Answer
Answered by Cabinet Secretary for Economy, Energy and Planning
Two Investment Zones are being established in Wales, aiming to target investment in high growth-potential clusters. Both Investment Zones will agree a cluster focus with the UK and Welsh Governments, with strengths identified in North-East Wales in advanced manufacturing and in South-East Wales in compound semi-conductors.
Both Investment Zones are being led by Corporate Joint Committees (CJCs) which are currently developing proposals through a business case gateway process.
Public investment into the Investment Zones will be in the form of tax reliefs and flexible funding, within an overall £160m envelope over 10 years. Reserved and devolved tax reliefs are available to the Investment Zones. Devolved reliefs are for Non-Domestic Rates and Land Transaction Tax.