In 2021 the Government intends to establish Freeports in England, Wales, Scotland and Northern Ireland
In 2021 the Governments intends to establish Freeports in England, Wales, Scotland and Northern Ireland. The Freeports will have different customs rules than other parts of the UK and are intended to:
- Be national hubs for global trade and investment across the UK
- Promote regeneration and job creation
- Create hotbeds for innovation
The Government intends to introduce a package of tax reliefs on investment by businesses within Freeport tax sites, new measures to speed up planning processes to accelerate development in and around Freeports and new initiatives to encourage innovators to generate new ideas to create additional economic growth and jobs. A business can import goods into a Freeport without paying tariffs, process the goods to make finished items for sale and then either pay a tariff when the finished items are sold into the UK market, or export the finished items without paying UK tariffs.
For more information please click on the following link – https://www.gov.uk/government/news/government-outlines-new-plans-for-freeports-to-turbo-charge-post-brexit-trade