The UK government has published a summary of responses to its consultation on freeports that closed in July. The consultation sought views on the government’s vision to establish up to ten freeports across the UK and proposed a brand new, bespoke freeport model designed to boost trade, employment and innovation. The government is now recommending the formation of freeport coalitions of international and local businesses, academic institutions, ports and local authorities.
Details of proposed tax reliefs are expected to be set out in the forthcoming Bidding Prospectus, although the response document outlines the following, mostly in broad terms:
time-limited business rates relief;
enhanced capital allowances including a specific structures and buildings allowance for freeports;
SDLT relief on commercial land and property transactions within a freeport site; and
The UK government has published a summary of responses to its consultation on freeports that closed in July. The consultation sought views on the government’s vision to establish up to ten freeports across the UK and proposed a brand new, bespoke freeport model designed to boost trade, employment and innovation. The government is now recommending the formation of freeport coalitions of international and local businesses, academic institutions, ports and local authorities.
Details of proposed tax reliefs are expected to be set out in the forthcoming Bidding Prospectus, although the response document outlines the following, mostly in broad terms:
time-limited business rates relief;
enhanced capital allowances including a specific structures and buildings allowance for freeports;
SDLT relief on commercial land and property transactions within a freeport site; and
