V3.321 Freeports

In February 2020, the Government published a consultation document1 on proposals to establish up to ten freeports across the UK. The proposals are intended to provide the following benefits for businesses importing goods into the UK:

  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

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