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Further freeport tax sites designated

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The Designation of Freeport Tax Sites (Freeport East) Regulations, SI 2021/1389 designate the following areas as freeport tax sites within Freeport East with effect from 30 December 2021:

  • Tax site 1: Harwich Tax Site Tendring;
  • Tax site 2: Gateway 14, Mid-Suffolk;
  • Tax site 3: Felixstowe Tax Site, East Suffolk.

Tax reliefs available in freeport tax sites include:

  • 100% first-year allowances for companies incurring qualifying expenditure on plant or machinery for use primarily in the freeport tax site (CAA 2001 ss 45O–45R);
  • enhanced 10% rate of structures and buildings allowance for qualifying expenditure on structures and buildings situated in the freeport tax site (CAA 2001 ss 270BNA–270BNC);
  • relief from stamp duty land tax for qualifying acquisitions of land situated in the freeport tax site (FA 2003 s 61A and Sch 6C);
  • zero rate of secondary Class 1 NICs for qualifying employments (NICs Bill 2022 clauses 1–4); and
  • business rates relief.
Issue: 1558
Categories: News