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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

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.
Spring Budget 2024: measures for business
  • Article
  • 06 Mar 2024
  • ICAEW Insights
As promised in the Autumn Statement, the Chancellor used the Spring Budget 2024 to announce a suite of tax relief changes to incentivise and support growth in the UK’s creative sector.
Navigating the path to Scotland's clean energy future
  • Article
  • 22 Feb 2024
  • ICAEW
Over the past decade, Scotland has made remarkable strides in renewable energy deployment, doubling its renewable generation capacity to c.15 Gigawatts (‘GW’) today. The Scottish Government has set ambitious targets to add an additional 20GW of capacity by 2030. Scottish businesses are at the heart of driving deployment and achieving Scotland’s Net Zero ambitions.
Tax Faculty responds to LTT freeports consultation
  • Article
  • 12 Feb 2024
  • ICAEW
The draft legislation may not give the Welsh government’s intended outcome for full and partial LTT relief for special tax sites.
ICAEW REP 017-24 Consultation on the proposed land transaction tax (LTT) special tax sites relief
  • Representation
  • 12 Feb 2024
  • PDF (247kb)
A representation dated 9 February 2024 to a consultation published by the Welsh Government on 19 December 2023.
ICAEW technical round-up: January 2024
  • Article
  • 30 Jan 2024
  • ICAEW Insights
This month’s top stories include mandated payrolling employer-provided benefits; information around the abolition of the pensions lifetime allowance; and an explainer on how to calculate NICs for directors.
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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 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 Capital allowances: transactions and planning 2023/24
  • eBook
  • 01 Sep 2023
  • Steven Bone, Martin Wilson
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
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.
Exclusive Enterprise zones, freeports and investment zones
  • eBook chapter
  • 01 Sep 2022
  • Steven Bone, Martin Wilson
  • 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).
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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.

More on the economy

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