Freeport East has moved a significant step closer to fulfilling its vision. The outline business case has been formally approved by Government, the three tax sites in Felixstowe, Harwich and at Gateway 14 near Stowmarket have been agreed, published on GOV.UK and Statutory Instruments laid to enshrine them in legislation.
George Kieffer, Acting Chairman of Freeport East, said:
“This is a major achievement. Freeport East represents a unique opportunity to deliver economic growth and will create many high skilled jobs in the local communities. It will work closely together with the private sector as well as education institutions to create these opportunities through innovation and investment. Following designation, businesses investing in the Freeport’s tax sites will be able to benefit from a number of tax reliefs.
“The UK Freeports policy is designed to encourage businesses from around the world to create new hubs of global trade that will transform economic prospects and job opportunities for local communities. The location of Freeport East, with the country’s main unitised trade hub at its core and 50% of planned offshore wind capacity on its doorstep, could not be better placed to deliver on these objectives and to help the UK achieve its ambitious energy transition objectives.”
The tax reliefs that will be available in the designated tax sites are; Stamp Duty Land Tax Relief, Enhanced Capital Allowances, Enhanced Structures and Buildings Allowance, National Insurance Contributions rate relief and business rates relief.
Freeport East will create a global trade hub, resulting in economic growth, bringing more jobs and prosperity to the region. The project will accelerate opportunities in green energy and will help level-up the national economy.
In addition to the three tax sites, Freeport East will have customs sites at Felixstowe, Harwich, Gateway 14, Port One Logistics Park, Horsely Cross, Uniserve and PD Ports.