On Dec. 5, UK Treasury issued regulation re Anglesey Freeport.
UK Treasury published the Designation of Special Tax Sites (Anglesey Freeport) Regulations 2024 (StIn 2024/1286), signed on Dec. 4, 2024.
Follows UK Treasury Apr. 2020 extended consultation on freeports, see #76838.
Designation
Regulations designate areas, known as special tax sites, as special areas for the purposes of Parts 2 (plant and machinery allowances) and Part 2A (structures and buildings allowances) of the Capital Allowances Act 2001 (CAA 2001)
Section 450 in Part 2 of CAA 2001 provides that expenditure incurred by a company on the provision of plant and machinery for use in a special tax site qualifies for enhanced capital allowances if certain conditions are met.
Section 270BNA, Part 2A, CAA 2001 provides that expenditure incurred on non-residential structures, buildings situated in a special tax site qualifies for an enhanced annual rate of structures and buildings allowances if certain conditions are met.
Tax Information and Impact Note covering this instrument on the Freeport, published on Mar. 3, 2021 with Spring Budget 2021, remains an accurate summary of impacts.
