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Financial Times — World — Economics — Tax — Uk Budget — Uk Regional Policy

Chancellor to offer nearly £1bn for new UK low-tax zones

Chancellor Jeremy Hunt will use his Budget to offer close to £1bn for 12 new low-tax zones and increases in the £40,000 cap on annual pension contributions and the £1mn limit on tax-free pension pots.

1 min read
  • Jeremy Hunt will use his Budget to offer close to £1bn for 12 new low-tax zones.
  • The money could be used to offer tax incentives or to improve skills, provide specialist business support, improve the planning system or for local infrastructure in the zones.
  • The twelve new sites will be highly specialised and clustered around research institutes such as universities.
  • Separately, Greater Manchester, the West Midlands and Glasgow will also share a further £100mn for R&D investment.
  • Hunt will also unveil increases in both the £40,000 cap on annual pension contributions and the £1mn limit on tax-free pension pots.
Chancellor to offer nearly £1bn for new UK low-tax zones
Treasury wants plan to drive economic growth but measures mark a striking scaling down of former PM’s vision
Financial TimesJennifer Williams

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