“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"
- VAT on Hampers: Lidded Wicker Baskets Ancillary to Food and Drink, Not Separate Supply
- Report: UK VAT Rules Favor Demolition Over Building Reuse, Urges Tax Reform for Sustainability
- Is the UK a Tax-Efficient Cruising Base? Navigating VAT and Temporary Admission for Yachts
- One in Three Large UK Firms Face Record VAT Investigations as HMRC Cracks Down
- Tribunal Rules Hampers’ Lidded Baskets Share VAT Treatment with Food and Drink Items
