Freeport East Gets Government Approval

Dec 14, 2021

Freeport East Gets Government Approval

A business case outline for Freeport East has been formally approved by UK government, which is a major milestone in the road to fulfilling its vision.

Government agreed to the proposals for the three tax sites based at Felixstowe, Harwich and Stowmarket, representing a unique opportunity to deliver economic growth and many high skilled jobs for the local communities.

Freeport East is one of eight new Freeports in England announced by the Chancellor of the Exchequer on 3 March 2021. It will be a hub for global trade and national regeneration as well as creating a hotbed for innovation that will have impact across the UK.

Tax reliefs available in the 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 be a global trade hub, accelerating opportunities in green energy and is intended to be a boost for the national economy.

– Your MultiFreight Team

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