Produced by Tolley
  • 22 Dec 2021 14:33

The following Employment Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Freeports
  • Freeports announced in Budget 2021
  • Zero-rate of secondary NIC for freeport employees
  • Who will the relief apply to?
  • What earnings will the relief apply to?
  • When will the relief apply?
  • Legislation for the employer NIC relief for freeport employees

Freeports

Freeports announced in Budget 2021

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 Thames. Discussions are ongoing regarding freeports in Scotland, Wales and Northern Ireland.

Finance Act 2021 provides the Treasury with powers to designate (by statutory instrument) ‘tax sites’ within a freeport, where certain businesses can benefit from enhanced tax reliefs.

These include:

  1. enhanced rates of structures and building allowance ― see the Structures and buildings allowance guidance note

  2. enhanced capital allowances for companies investing in plant and machinery ― see the First year allowances guidance

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