- Freeports are designated areas in the UK, including Scotland, aimed at boosting regional growth, investment, and job creation through tax and customs incentives.
- There are currently 12 Freeports in the UK, each tailored to regional strengths like innovation and renewables.
- Businesses in Freeport tax sites can access land and property tax relief, with rules and durations varying by nation (England, Scotland, Wales).
- Enhanced capital allowances allow companies to write off the full cost of qualifying plant and machinery in the year of purchase, offering immediate cash flow benefits.
- Tax reliefs and allowances are available for a limited period, with end dates differing between England (2031) and Scotland/Wales (2034).
Source: saffery.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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