Falmouth Docks and Langarth Garden Village among first locations identified to benefit from new low-tax investment zones

By Max Goodman

28th Sep 2022 | Local News

 Cherilyn Mackrory, MP for Truro and Falmouth.
Cherilyn Mackrory, MP for Truro and Falmouth.

Cherilyn Mackrory, MP for Truro and Falmouth has welcomed Government plans to establish investment zones to drive jobs and growth across Cornwall. The investment zones will lower taxes and simplify planning frameworks to encourage rapid development and business investment.

"I am delighted the Government has identified Falmouth Docks and Langarth Garden Village to be among the first locations that could benefit from this new initiative to boost business investment and release land for new homes in our local communities," Cherilyn said.

The Government has opened discussions with Cornwall Council to establish investment zones, with early locations identified including Falmouth Docks and Langarth Garden Village. Areas hosting Investment Zones will benefit from:

  • Lower taxes –businesses will benefit from time-limited tax benefits.
  • Accelerated development – there will be designated development sites to both release more land for housing and commercial development, and to support accelerated development
  • Wider support for local growth – subject to demonstrating readiness, Mayoral Combined Authorities hosting Investment Zones will receive a single local growth settlement in the next Spending Review period.
  • Businesses in designated areas in investment zones will benefit from 100% business rates relief on newly occupied and expanded premises.
  • Local authorities hosting Investment Zones will receive 100% of the business rates growth above an agreed baseline in designated sites for 25 years.

"Falmouth docks plays a vital role in our local economy and is home to a thriving maritime sector with businesses developing our offshore wind ambitions. Establishing an investment zone here would make it easier for its business to invest, grow, and create well paid, high-skilled jobs for local people." Cherilyn added.

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