Extends the investment zone and freeport tax reliefs

On 20 November 2023, the Government of the United Kingdom announced that the investment zone and freeport tax reliefs will be extended from five to ten years. In addition, each investment zone will be provided with 160 million pounds over a ten-year period. The support includes flexible funding for businesses to leverage spending opportunities and benefit from tax incentives, such as enhanced capital allowances, stamp duty land tax relief, and 100 per cent business rates relief. The Government is collaborating with the Scottish and Welsh Governments to extend investment zones and freeports to Scotland and Wales, emphasizing an ESG angle for Scottish freeports. Additionally, the Government launched the third investment zone in West Yorkshire under its Investment Zones and Freeports programme.

• Type:

  • Promotion and facilitation (Investment incentives, Special economic zones)

• Industry:

  • Not industry specific (SDG)
  • Not industry specific (SDG)

• Sources:

  • parliament.uk, Investment Zones and Freeports update Statement made on 20 November 2023, https://questions-statements.parliament.uk/written-statements/detail/2023-11-20/hcws50, 20 Nov 2023
  • lexology.com, Investment Zones and Freeports: A boost for FDI and business growth, https://www.lexology.com/library/detail.aspx?g=c32b9bee-9b79-4556-a8fd-a1db1cd3d060&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2023-11-24&utm_term=, 23 Nov 2023