‘Investment zones’ Aberdeen and Glasgow to offer business tax breaks
Aberdeen and Glasgow will be empowered to offer tax breaks to businesses after being awarded “investment zone” status, The Times can reveal.
The combination of direct investment and tax breaks is likely to see both cities receive about £80 million across five years.
Investment zones in England have reduced business rates and property duties. Under the scheme companies have also been allowed to pay lower employer National Insurance contributions.
Eight zones in England have already been established, with four others being created across Scotland, Wales and Northern Ireland. Status allocation was determined jointly by the Scottish and UK governments.
Michael Gove, the levelling up secretary, has held talks about the proposals[1] with both Humza Yousaf, the first minister, and Shona Robison, the deputy first minister,