Freeports are tax and secure customs zones where business can be carried out inside a country’s land border, but where normal tax and customs rules don’t apply. They can offer business incentives such as no stamp duty, five years of zero business rates, and full rebates for construction and machinery investment. While located geographically within a country, freeports essentially exist outside its borders for tax purposes.
Are you wondering what is a freeport?
In the UK. Freeports will enhance trade and long-term investment, boosting growth and high-skilled jobs, as well as increasing innovation and productivity in the region’s key sectors and supply chains. As national hubs for global trade, these areas will play a key role in regeneration and job creation. While creating dynamic economies that capitalise on new ideas and create an environment to attract new business.
Those operating within a freeport will be able to benefit from deferring the payment of taxes until their products are moved elsewhere, or can avoid them altogether if they bring in goods to store or manufacture on-site before exporting them again. These incentives are designed to attract inward investment from businesses that import, process and then re-export goods to build new facilities. Such as manufacturers or research and development facilities.
Other benefits include employer NI contributions relief. As well as Enhanced Capital Allowances and Structures and Buildings Allowance.
Get a full view of the Tax Zones in the Teesside Freeport here: Tax Zones – Teesside Freeport.
Or get the government information on Maps of Teesside Freeport tax sites.
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July 18th 2022