The Designation of Special Tax Sites (Celtic Freeport) Regulations SI 2024/1035 designate certain areas within the ports of Milford Haven and Port Talbot which together form the ‘Celtic Freeport’ as special tax sites with effect from 26 November 2024 meaning that various tax reliefs will be available for businesses in those areas. The tax reliefs available in special tax in Wales include the following:
10% enhanced rate of structures and buildings allowance;
100% plant and machinery first-year allowances;
zero-rate of secondary Class 1 NICs on earnings up to the upper secondary threshold (£25 000) for qualifying employments;
non-domestic rates relief (designed specifically for Wales); and
relief from land transaction tax for qualifying transactions (subject to the necessary amendments being made to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 – a new Sch 21A has been published in draft form as part of the Welsh...
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The Designation of Special Tax Sites (Celtic Freeport) Regulations SI 2024/1035 designate certain areas within the ports of Milford Haven and Port Talbot which together form the ‘Celtic Freeport’ as special tax sites with effect from 26 November 2024 meaning that various tax reliefs will be available for businesses in those areas. The tax reliefs available in special tax in Wales include the following:
10% enhanced rate of structures and buildings allowance;
100% plant and machinery first-year allowances;
zero-rate of secondary Class 1 NICs on earnings up to the upper secondary threshold (£25 000) for qualifying employments;
non-domestic rates relief (designed specifically for Wales); and
relief from land transaction tax for qualifying transactions (subject to the necessary amendments being made to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 – a new Sch 21A has been published in draft form as part of the Welsh...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
