Three more freeport tax sites designated

The following three sets of Regulations have been made to designate freeport tax sites within the East Midlands, Liverpool City and Solent freeports from 22 March 2022:

• Designation of Freeport Tax Sites (East Midlands Freeport) Regulations, SI 2022/184;
• Designation of Freeport Tax Sites (Liverpool City Region Freeport) Regulations, SI 2022/185; and
• Designation of Freeport Tax Sites (Solent Freeport) Regulations, SI 2022/186.

Tax reliefs available in freeport tax sites include stamp duty land tax relief on qualifying acquisitions of land, a 10% enhanced rate of structures and buildings allowances, a 100% first-year allowance for qualifying expenditure on plant and machinery, a zero rate of secondary class 1 NICs for qualifying employments and business rates relief.