On Oct. 17, UK Treasury published the special tax sites regulations.
UK Treasury announced the publication of the Designation of special tax sites (Celtic freeport) regulations 2024 (StIn 2024/1035), which were signed on Oct. 16, 2024.
Follows UK Treasury Apr. 2020 extended consultation on freeports, see #76838.
Overview
These regulations designate those special tax sites within, or connected to, a freeport in which certain tax reliefs are available (known as special tax sites).
A freeport for these purposes is an area identified as such in a document published by or with the consent of UK Treasury where special tax and customs rules will apply.
Tax reliefs available in special tax sites in Wales include 10% enhanced rate of structures/buildings allowance, 100% first year allowance for qualifying expenditure on plant and machinery, zero-rate of secondary class 1 national insurance contributions on earnings up to upper secondary threshold (£25,000) for qualifying employments.
Business rates relief, land transaction tax (LTT) relief on qualifying acquisitions of land.
LTT is administered by Welsh Revenue Authority on behalf of the Welsh government.
