Tax zones offer incentives to businesses such as no stamp duty, full business rates relief for up to ten years and enhanced allowances for construction and machinery investment.
Designed to attract long-term inward investment and allow firms to reduce their taxable profits, tax zones turbo-charge the region’s key sectors and supply chains, including offshore wind, clean energy, chemicals and process, and advanced manufacturing.
Examples of tax reliefs at the Teesside Freeport include Class 1 Employer NI contributions for up to three years per employee, major reductions in business rates and Enhanced Capital Allowances on qualifying new plant, machinery and property assets.
As one of Europe’s largest research and development facilities, the Wilton Centre is home to a number of leading global and regional businesses in the chemical, manufacturing, material and life science industries.
Located on the south bank, near the mouth of the River Tees, Redcar Bulk Terminal is the east coast’s deepest water marine terminal.
Split into Teesworks West and Teesworks East, this tax and customs area covers a combined total of almost 1,000 acres, with the wider development making it Europe’s largest brownfield site.
As part of the Teesside Freeport, Wilton International is Britain’s biggest chemical complex, offering low-cost utilities and the UK’s largest private wire network.