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Freeports bidding process opens

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The bidding process in England to establish at least seven new freeports had opened. The Treasury expects the first freeports to open in 2021, with at least 10 across all regions of the UK.

Areas given freeport status will benefit from ‘a wide package of tax reliefs, including on purchasing land, constructing or renovating buildings, investing in new plant and machinery assets and on employer NICs’, says the Treasury. The freeports bidding prospectus provides detail on the UK freeports model and sets out how bidders can apply for freeport status.

Issue: 1510
Categories: News