Freight News

Green light for Freeport East tax plans

[ December 13, 2021   //   ]

The government has approved the business case for the Freeport East scheme for three tax sites in Felixstowe, Harwich and at Gateway 14 near Stowmarket. Tax reliefs that will be available in the designated sites are Stamp Duty Land Tax Relief, Enhanced Capital Allowances, Enhanced Structures and Buildings Allowance, National Insurance Contributions rate relief and business rates relief.

Freeport East aims to create a global trade hub and will accelerate opportunities in green energy and help level-up the national economy.

In addition to the three tax sites, Freeport East will have customs sites at Felixstowe, Harwich, Gateway 14, Port One Logistics Park, Horsely Cross, Uniserve and PD Ports.

Acting chairman of Freeport East, George Kieffer, said: “The UK Freeports policy is designed to encourage businesses from around the world to create new hubs of global trade that will transform economic prospects and job opportunities for local communities. The location of Freeport East, with the country’s main unitised trade hub at its core and 50% of planned offshore wind capacity on its doorstep, could not be better placed to deliver on these objectives and to help the UK achieve its ambitious energy transition objectives.”