The following Regulations designate areas in the Plymouth and South Devon Freeport and Solent Freeport as freeport tax sites with effect from 14 October 2022:
Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) (No 2) Regulations, SI 2022/972.
Designation of Freeport Tax Sites (Solent Freeport) (No 2) Regulations, SI 2022/973.
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 1 NICs for qualifying employments and business rates relief.
The following Regulations designate areas in the Plymouth and South Devon Freeport and Solent Freeport as freeport tax sites with effect from 14 October 2022:
Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) (No 2) Regulations, SI 2022/972.
Designation of Freeport Tax Sites (Solent Freeport) (No 2) Regulations, SI 2022/973.
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 1 NICs for qualifying employments and business rates relief.
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