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Three more freeport tax sites designated

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The following three sets of Regulations have been made to designate freeport tax sites within the East Midlands, Liverpool City and Solent freeports from 22 March 2022:

  • Designation of Freeport Tax Sites (East Midlands Freeport) Regulations, SI 2022/184;
  • Designation of Freeport Tax Sites (Liverpool City Region Freeport) Regulations, SI 2022/185; and
  • Designation of Freeport Tax Sites (Solent Freeport) Regulations, SI 2022/186.

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.

Issue: 1567
Categories: News