“Freeports” are secure zones based around regional sea, air, and rail ports where business can be conducted inside a country’s land border, but where different customs rules and other favourable arrangements apply.
ollowing the UK’s exit from the European Union, the UK government reintroduced freeports with the objective of:
- Promoting regeneration and job creation in deprived areas
- Creating new national hubs for global trade and investment
- Creating hotbeds for innovation
In the UK Chancellor’s Budget (3 March 2021), the following eight new freeports were announced—East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Solent, Teesside, and Thames.
Source KPMG
Latest Posts in "United Kingdom"
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
- Navigating UK VAT: Key Considerations and Pitfalls in Exporting Goods
- HMRC’s New VAT Error Correction Rules: Stricter Penalties and Reporting Changes Explained
- UK Supreme Court Confirms VAT on Intragroup Fees for Former VAT Group Members
