East Midlands Freeport Benefits Extended in Autumn Statement
Chancellor of the Exchequer Jeremy Hunt MP outlined in the Autumn Statement that the window to claim freeport tax reliefs in England will be extended from five to 10 years to enable Freeports to deliver growth, jobs and level up the country.
East Midlands Freeport Chief Executive, Tom Newman-Taylor, said: “Today’s announcement is fantastic news for the Freeport and the region. I’m very pleased that the Chancellor has listened and acted on our concerns, so now we can set about delivering our core objectives – boosting jobs, skills and wages for the communities we serve.”
EMF is England’s only inland freeport with over 500 hectares of prime, strategic development land at three sites - East Midlands Airport and Gateway Industrial Cluster, East Midlands Intermodal Park and the Ratcliffe-on-Soar Power Station redevelopment site.
"The Freeport is a massive opportunity for the East Midlands," he added. "The extension of the tax windows for our sites is recognition from Government that these are long-term projects and developers will need sufficient time to plan, build and deliver the developments we need to make East Midlands Freeport a success."
East Midlands Freeport, is set to create tens of thousands of new high quality jobs in the region and boost the East Midlands’ economy by almost £9bn, will also create trade hubs to drive the low carbon and renewable energy, advanced manufacturing and advanced logistics sectors as well as support investment in research and development.
The freeports model has three objectives for the Government – to establish national hubs for global trade and investment, create innovation hotbeds, and promote regeneration.
Centred around East Midlands Airport, the country’s largest dedicated cargo airport, East Midlands Freeport offers unrivalled UK access to air, rail and road links, connecting businesses and customs sites to national and global markets.
The three East Midlands Freeport tax sites to have access to a range of special incentives. Tax benefits include a zero rate of secondary national insurance contributions for freeport employees, enhanced capital allowance for plant and machinery, enhanced structures and buildings allowance, and relief from both stamp duty land tax and business rates.
A freeport customs site is a secure, enclosed customs zone where a business can import or export goods inside the UK’s land border but where different import or export rules apply and remain subject to robust ongoing oversight from HMRC. To be eligible to operate as a customs site, businesses need to be within 45km of the freeport.
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