The Treasury has issued the following regulations which designate various locations as freeport tax sites within the Humber, Teesside and Thames Freeports:
HMRC has also published maps of the UK freeports and freeport tax sites.
HMRC’s statement on the designation of Freeport tax sites summarises the tax reliefs available in freeport tax sites, including SDLT relief on qualifying acquisitions of land, a 10% enhanced rate of structures and buildings allowance, a 100% first-year allowance for qualifying expenditure on plant and machinery, a zero-rate of secondary class 1 NICs for qualifying employments and business rates relief.
The regulations come into force on 19 November 2021.
The Treasury has issued the following regulations which designate various locations as freeport tax sites within the Humber, Teesside and Thames Freeports:
HMRC has also published maps of the UK freeports and freeport tax sites.
HMRC’s statement on the designation of Freeport tax sites summarises the tax reliefs available in freeport tax sites, including SDLT relief on qualifying acquisitions of land, a 10% enhanced rate of structures and buildings allowance, a 100% first-year allowance for qualifying expenditure on plant and machinery, a zero-rate of secondary class 1 NICs for qualifying employments and business rates relief.
The regulations come into force on 19 November 2021.