The Designation of Special Tax Sites (Humber Freeport) Regulations, SI 2024/71, designate areas in Humber as freeport tax sites with effect from 13 February 2024.
Tax reliefs available in freeport tax sites include stamp duty land tax relief on qualifying acquisitions of land, a 10% enhanced rate of structures and buildings allowances, a 100% first-year allowance for qualifying expenditure on plant and machinery, a zero-rate of secondary class NIC on earnings up to the freeports upper secondary threshold for qualifying employments and business rates relief.
The Designation of Special Tax Sites (Humber Freeport) Regulations, SI 2024/71, designate areas in Humber as freeport tax sites with effect from 13 February 2024.
Tax reliefs available in freeport tax sites include stamp duty land tax relief on qualifying acquisitions of land, a 10% enhanced rate of structures and buildings allowances, a 100% first-year allowance for qualifying expenditure on plant and machinery, a zero-rate of secondary class NIC on earnings up to the freeports upper secondary threshold for qualifying employments and business rates relief.
