Freeports

Freeports were created in 2021/2022 as hotbeds for innovation.  The government of the day wished to create national hubs for global trade in port and customs zone areas, and encourage regeneration and employment.  They could be said to inherit their character from Enterprise Zones of decades past.

Initially, 8 such hubs were created but this has subsequently increased to 12; Anglesey, Celtic (Port Talbot & Milford Haven), East Midlands, Forth Green, Freeport East (Felixstowe & Harwich), Humber, Inverness, Liverpool, Plymouth, Solent, Teeside and Thames.   

100% Plant and Machinery Allowances are given, along with very generous enhanced Structures and Buildings Allowances of 10% per annum.  A plethora of other incentives are provided outside of capital allowances, such as for stamp duty, business rates, national insurance, amongst others.