Spring Budget 2023: investment zones
15 March 2023
It was confirmed that 12 new investment zones will be launched across the UK, which will include four across Scotland, Wales and Northern Ireland. There will be certain employer National Insurance (NI) savings within those investment zones.
We will provide further information as we have it, but the Growth Plan of 2022 confirmed eligible employers in investment zones would benefit from a zero rate of employer NI contributions (NICs) on new (eligible) employee earnings up to £50,270 per year. The Investment Zone Policy Prospectus, however, states that eligible employers will pay a zero-rate of employer NICs on any new employee working in the site for at least 60% of their time, on earnings up to £25,000 per year, in line with employer NICs reliefs in Freeports. This relief can be applied for a period of 36 months per employee.
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