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New special tax sites designated

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The Designation of Special Tax Sites (Forth Green Freeport) Regulations, SI 2024/671, designate four new special tax sites within the Forth Green Freeport in Scotland with effect from 12 June 2024. The various tax reliefs in special tax sites in Scotland include the 100% first-year allowance for qualifying expenditure on plant and machinery, the 10% enhanced structures and buildings allowance, zero rate of secondary Class 1 NICs for qualifying employees, and reliefs from business rates and land and buildings transaction tax. The ‘sunset’ dates for special tax sites have been extended by five years and now run to 30 September 2034 for tax sites in Scotland.

Issue: 1665
Categories: News