Budget Day 2021 | Commentary

Freeports

Budget Day 2021 | Commentary

Freeports

The Budget included an announcement on the location of eight English Freeports. Business operating within freeports will obtain a number of indirect tax benefits:

  1.  

    •     no customs duty, excise duty or import VAT to be payable until the goods leave the freeport and enter free circulation in the UK

  2.  

    •     duty inversion, ie duty is payable at the rate applicable to assembled goods where that rate is lower than that applicable to the imported component parts

  3.  

    •     duty exemption for goods which are re-exported after processing in a freeport

  4.  

    •     simplified customs procedures for businesses

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