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Freeports and investment zones

Information on the UK government's policy and plans to create freeports and investment zones, which are areas that will benefit from a range of tax and other incentives including enhanced capital allowances. Freeports also benefit from a suspension from customs duties for imported goods and less burdensome customs procedures.

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Investment zones and freeports – similarities and differences

Investment zones were refocused at the Spring Budget 2023. They are intended to grow the economy by focusing on places with significant unmet productivity potential and building on their existing strengths. How do they compare to freeports?
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Latest on Freeports and Investment Zones

Tax news in brief 23 October 2024
  • Article
  • 22 Oct 2024
Highlights from the broader tax news for the week ending 23 October 2024, including: a new GAAR advisory panel opinion; updated guidance on employment related securities; and developments with regard to the Celtic freeport tax sites.
ICAEW welcomes AVEC changes
  • Article
  • 31 May 2024
  • ICAEW Insights
ICAEW believes proposed changes to the audio-visual expenditure credit (AVEC) will have a positive impact on the industry overall. However, more guidance is needed by some companies who may also struggle with an increased administrative burden.
Exclusive Why special tax sites really are special
  • Article
  • 30 May 2024
  • ICAEW
Enhanced capital allowances may be claimed where qualifying expenditure is incurred in freeports and investment zones. Bryan Crawford looks at the conditions for making a claim and explains how businesses can benefit from the reliefs.
Special tax sites postcode reporting burdensome says ICAEW
  • Article
  • 21 May 2024
  • ICAEW Insights
Draft regulations requiring employers in freeport and investment zones to report workplace postcodes may deter claims for national insurance contributions (NIC) relief.
ICAEW REP 046/24 Freeport and Investment Zone Employer NIC reliefs reporting requirements
  • Representation
  • 15 May 2024
  • PDF (237kb)
A representation dated 15 May 2024 to a consultation published by HMRC on 18 April 2024.
Payroll and rewards 2024 webinar slides
  • Webinar
  • 12 Apr 2024
  • PDF (1,677kb)
Slides accompanying the Tax Faculty Payroll and Rewards webinar, broadcast on 10 April 2024.
Exclusive TAXguide 03-24 Payroll rates and allowances 2024/25
  • Technical release
  • 08 Apr 2024
  • PDF (541kb)
  • Ian Holloway
TAXguide 03-24 Payroll rates and allowances 2024/25
Tax news in brief 20 March 2024
  • Article
  • 19 Mar 2024
Highlights from the broader tax news for the week ending 20 March 2024, including: HMRC’s framework for large businesses; new secondary legislation applying across a range of areas, including the off-payroll rules; maps of investment zones; and updated guidance on genuine HMRC contact.
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Webinars and events

Freeports: VAT and Customs
  • Webinar
  • 19 Oct 2022
Many of the designated freeports in England are now up and running to some extent, with freeports in Wales, Scotland and Northern Ireland also in the pipeline. There are potentially many tax and customs benefits for businesses of operating within a freeport.
Freeports
  • Webinar
  • 12 Aug 2021
In this webinar the Tax Faculty investigate the incentives, benefits, risks and pitfalls for businesses operating in Freeports.

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.

Exclusive Enterprise zones, freeports and investment zones
  • eBook chapter
  • 01 Nov 2024
  • Steven Bone
  • Capital Allowances - Transactions and Planning
A chapter covering capital allowances for the old enterprise zones, new enterprise zones, freeports (sea, air or rail ports that benefit from a range of customs and tax incentives) and investment zones (these will be designated geographic areas benefitting from a package of tax reliefs including enhanced plant and machinery allowances and structures and buildings allowances).
Exclusive Capital allowances: transactions and planning 2024/25
  • eBook
  • 01 Nov 2024
  • Steven Bone, Martin Wilson
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
Exclusive Buildings and structures
  • eBook chapter
  • 01 Jan 2024
  • Satwaki Chanda, Steve Collings, Jacquelyn Kimber, Maria Kitt, David O'Keefe, Andrew Parkes
  • Corporation Tax
A chapter on the special business reliefs available for buildings and structures, including The Structures and Buildings Allowance ('SBA').
Exclusive Freeports
  • eBook chapter
  • 01 Jan 2023
  • Robert W.Maas
  • Property Taxes
A section on taxation of freeports in the UK, written for tax practitioners.
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HMRC guidance and other external resources

Freeports
  • Website
  • 27 Oct 2021
  • DLUHC
Information and guidance on Freeports operating within England.
Scottish Green Freeports: set up phase guidance
  • Website
  • 27 Apr 2023
  • DLUHC
This guidance outlines the processes winners of the Scottish Green Freeports competition must complete to become operational Green Freeports.
Freeport Programme in Wales
  • Website
  • 01 Sep 2022
  • Gov.Wales
The Freeport Programme in Wales offers an opportunity to harness Wales’s abundant economic potential.
Investment Zones
  • Website
  • 15 Mar 2023
  • DLUHC
The Investment Zones policy document sets out the scope of the refocussed policy, including places selected, funding envelope and policy offer.
Investment Zones in Scotland: Policy model & place selection methodology
  • Website
  • 18 Aug 2023
  • DLUHC
Summary of policy model and approach to place selection for Investment Zones in Scotland.

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