Webinar
Freeports
In this webinar the Tax Faculty investigate the incentives, benefits, risks and pitfalls for businesses operating in freeports. Richard Jones and Frank Haskew of ICAEW's Tax Faculty investigate the valuable tax incentives and customs benefits available to businesses operating in freeports, as well as the risks and pitfalls that businesses should watch out for.
- 12/08/2021
Latest on freeports
Tax news in brief
- Article
- 08 Mar 2022
Highlights from the broader tax news for the week ending 9 March 2022, including: HMRC guidance on new power; HMRC payments; refunds of VAT wrongly charged; freeport tax site designation; QAHC guidance; new VAT regulations; HMRC webinars; guidance for employers paying overseas tax; and COVID travel easement ending.
Tax news in brief
- Article
- 15 Mar 2022
Highlights from the broader tax news for the week ending 16 March 2022, including: guidance for businesses who continued to use the Lennartz mechanism; and a warning from HMRC about sharing personal information.
Exclusive
New tax measures for 2022
- Article
- 28 Feb 2022
- Angela Clegg
Angela Clegg outlines changes scheduled for April 2022 involving uncertain tax treatments, plastic packaging tax, residential property developer tax, MTD for VAT, trading licences, QAHCs, reliefs for the creative sector, tonnage tax, and national insurance.
Exclusive
Freeport trade opportunities, taxes and duty
- Article
- 28 Feb 2022
- Joseph Eloi
As freeports begin to open in the UK, Joseph Eloi explores the trade-related opportunities, including tax relief, tax exemptions and streamlined customs clearance, as well as the implications for businesses.
Tax news in brief
- Article
- 17 Nov 2021
Highlights from the broader tax news for the week ending 17 November, including: HMRC contacting taxpayers about the extension of MTD VAT from April 2022, designation of the first freeport tax sites and a warning about self assessment scams.
ICAEW REP 002-22 Tax after COVID post autumn Budget
- Representation
- 11 Nov 2021
- PDF (186kb)
A response dated 11 November 2021 to a consultation published by the Treasury Select Committee on 2 November 2021. The inquiry is ongoing.
Applications open for freeport customs sites
- Article
- 12 Oct 2021
The forms required for businesses to operate special customs procedures within a designated freeport have been published, along with further guidance on procedures for declaring goods moving into and out of sites.
Freeports: business needs greater clarity
- Article
- 31 Aug 2021
- ICAEW Insights
ICAEW is calling on the government to add much-needed meat on the bones of its post-Brexit freeport strategy, following concerns of a lack of clarity about how freeport areas will work in practice.
Freeports and tax
TAX NEWS
Tax news in brief
- Article
- 08 Mar 2022
Highlights from the broader tax news for the week ending 9 March 2022, including: HMRC guidance on new power; HMRC payments; refunds of VAT wrongly charged; freeport tax site designation; QAHC guidance; new VAT regulations; HMRC webinars; guidance for employers paying overseas tax; and COVID travel easement ending.
TAX NEWS
Tax news in brief
- Article
- 15 Mar 2022
Highlights from the broader tax news for the week ending 16 March 2022, including: guidance for businesses who continued to use the Lennartz mechanism; and a warning from HMRC about sharing personal information.
Exclusive
New tax measures for 2022
- Article
- 28 Feb 2022
Angela Clegg outlines changes scheduled for April 2022 involving uncertain tax treatments, plastic packaging tax, residential property developer tax, MTD for VAT, trading licences, QAHCs, reliefs for the creative sector, tonnage tax, and national insurance.
Exclusive
Freeport trade opportunities, taxes and duty
- Article
- 28 Feb 2022
As freeports begin to open in the UK, Joseph Eloi explores the trade-related opportunities, including tax relief, tax exemptions and streamlined customs clearance, as well as the implications for businesses.
TAX NEWS
Tax news in brief
- Article
- 17 Nov 2021
Highlights from the broader tax news for the week ending 17 November, including: HMRC contacting taxpayers about the extension of MTD VAT from April 2022, designation of the first freeport tax sites and a warning about self assessment scams.
TAX NEWS
Applications open for freeport customs sites
- Article
- 12 Oct 2021
The forms required for businesses to operate special customs procedures within a designated freeport have been published, along with further guidance on procedures for declaring goods moving into and out of sites.
Freeports
- Webinar
- 12 Aug 2021
In this webinar the Tax Faculty investigate the incentives, benefits, risks and pitfalls for businesses operating in Freeports.
TAX NEWS
Tax implications of the UK’s new freeports explained
- Article
- 04 Aug 2021
Eight new freeports offering significant tax incentives will start operating across England by the end of 2021. ICAEW’s Tax Faculty is hosting a free webinar for its members outlining the potential benefits and pitfalls for businesses.
Bloomsbury Core 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 Core Accounting and Tax Service.
Exclusive
Buildings and structures
- eBook chapter
- 01 Jan 2022
A chapter on the special business reliefs available for buildings and structures, including The Structures and Buildings Allowance ('SBA').
Exclusive
Freeports
- eBook chapter
- 01 Oct 2021
A section on taxation of freeports in the UK, written for tax practitioners.
Exclusive
Enterprise zones and freeports
- eBook chapter
- 01 Aug 2021
A chapter covering capital allowances for the old enterprise zones, new enterprise zones and freeports, which are sea, air or rail ports that benefit from a range of customs and tax incentives.
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HMRC guidance and other external resources
Check if you can claim relief from Stamp Duty Land Tax in Freeport tax sites
- Website
- 19 Nov 2021
- HMRC
Information for businesses buying land or buildings in a Freeport tax site on how to qualify for SDLT relief, how much they can claim, how to claim, and examples.
Apply to use the Freeport customs special procedure
- Website
- 19 Nov 2021
- HMRC
Guidance for businesses that want to move goods into or out of a Freeport customs site. It covers who should apply, what you'll need, and what happens after applying, with links to forms.
Declaring goods and paying tax when using a Freeport customs site
- Website
- 19 Nov 2021
- HMRC
Guidance for businesses on how to declare goods brought in or removed from a customs site, moved between different customs sites, moved with the same site, and when goods and services can be zero-rated for VAT.
Check if your goods can be moved into a Freeport customs site
- Website
- 15 Nov 2021
- HMRC
Information on controlled goods and excluded goods that cannot be moved into a freeport customs site, and information on goods that can be moved or stored.
Check if you can claim the enhanced capital allowance relief in Freeport tax sites
- Website
- 12 Nov 2021
- HMRC
Information on how to claim relief for qualifying expenditure for plant and machinery, how much businesses can claim, and withdrawal of relief. Includes examples with calculations.
Check if you can claim enhanced structures and buildings allowance relief in Freeport tax sites
- Website
- 12 Nov 2021
- HMRC
Information on requirements for claiming enhanced structures and buildings allowance relief, how to apportion the relief, and how much businesses can claim. Includes examples with calculations.
Zero-rate of secondary National Insurance contributions for Freeport employees
- Website
- 12 May 2021
- HMRC
National Insurance Contributions Bill 2021 proposal introducing Class 1 NICs relief for eligible employers on the earnings of eligible employees working in a Freeport tax site from April 2022.
Stamp Duty Land Tax relief for Freeports
- Website
- 03 Mar 2021
- HMRC
Measure introduced in Budget 2021 offering full relief from SDLT on the purchase of land or property within Freeport tax sites in England, once they have been designated.
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