Commentary

B3.324GB Freeport tax sites—first year qualifying expenditure

Business tax
Business tax | Commentary

B3.324GB Freeport tax sites—first year qualifying expenditure

Business tax | Commentary

B3.324GB Freeport tax sites—first year qualifying expenditure

For the latest New Development, see ND.2083.

The Government announced at Budget 2021 that eight freeports in England will begin operations from late 2021. These are East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Solent, Teesside, and Thames1. Areas within a freeport or an area which is used, or likely to be used for purposes connected with activities being carried on, or likely to be carried on, in a freeport are to be treated as special areas for the purposes of plant and machinery allowances, the structures and buildings allowance and stamp duty land tax. Such sites are known as 'freeport tax sites'2. The tax treatment grants a 100% first year

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