UK Treasury Freeport Special Tax Sites


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.
  • Effectiveness
  • The regulations come into force on Nov. 26, 2024.

Regulators UK Treasury
Entity Types Corp
Reference StIn 2024/1035, 10/17/2024; Citation: StIn 2024/1035;
Functions Accounting; Financial; Operations; Reporting; Risk; Tax; Treasury
Countries United Kingdom; Cross-Border
Category
State
Products Corporate
Regions EMEA
Rule Type Final
Rule Date 10/17/2024
Effective Date 11/26/2024
Rule Id 230340
Linked to Rule :76838
Reg. Last Update 10/17/2024
Report Section UK

Last substantive update on 10/22/2024