- Freeports are national hubs for global trade and investment and eligible businesses may benefit from tax relief alongside customs incentives and simplified planning processes. Tax reliefs available are enhanced capital allowances, enhanced structures and buildings allowances, SDLT relief, employer NIC relief and business rates relief.
- There are eight freeport locations in operation in England: East Midlands, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.
- On 13 January 2023, the UK and Scottish governments announced that they have jointly selected Inverness and Cromarty Firth Green Freeport and Forth Green Freeport to become Scotland’s first ‘green freeports’.
- On 22 March 2023, the UK and Welsh governments announced that they have jointly selected the Anglesey Freeport (Ynys Mon) and the Celtic Freeport (in Milford Haven and Port Talbot) to become Wales’ freeports.
- In November 2023, the government announced that the window to claim Freeport tax reliefs in England will be extended from five to ten years until 30 September 2031, subject to agreement of delivery plans with each Freeport. The government published a Freeports Delivery Roadmap in December 2023, setting out a plan to accelerate Freeport delivery and maximise the benefits of the programme. The government announced at the Spring Budget 2024 that the ten year window to claim reliefs has been agreed with the Scottish and Welsh governments, extending the availability of tax reliefs to September 2034 for tax sites in Scottish Green Freeports and Welsh Freeports.
- Timing: the freeports in Scotland and Wales each submitted their Outline Business Case in late 2023 with the aim of becoming operational in 2024.
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