Freeports

A free port in the UK to me means duty is not paid on imports into the UK if those goods are processed and exported from the freeport area overseas. So imported metal pays no UK import duty if its turned into a wind turbine for the somewhere outside the UK.

This duty collection is controlled by the UK Government, not the other Governments - yes/no?

free port​


n
1. (Commerce) a port open to all commercial vessels on equal terms
2. (Commerce) Also called: free zone a zone adjoining a port that permits the duty-free entry of foreign goods intended for re-export.


Furthermore the Tees Valley Freeport is not just about import/export duty. Internal taxes like National Insurance and UK Corporation Taxes I believe are lower to non-Free port areas of the UK. This is solely a UK issue. A better description would be low tax zone.
 
Norman_Conquest said:
Another win for the losing team. ;)




Puts on tin hat and stands back.
Click to expand...
Put on your dunces hat matey boy
That’s all is required to still think brexit is a good idea

can’t wait to watch the Uk crash and burn 🔥 as Scotland leave then NI, then wales.
mall because the Tories rammed through a referendum to shut up the brexiteers once and for all

interesting
It’s changing the next 40-50 years of history for this country that’s lost it’s and won’t admit it.

Well done Tories small minded idiots
 
Ex Footy Legs said:
Put on your dunces hat matey boy
That’s all is required to still think brexit is a good idea

can’t wait to watch the Uk crash and burn 🔥 as Scotland leave then NI, then wales.
mall because the Tories rammed through a referendum to shut up the brexiteers once and for all

interesting
It’s changing the next 40-50 years of history for this country that’s lost it’s and won’t admit it.

Well done Tories small minded idiots
Click to expand...
First of all, who said that I thought Brexit was a good idea? I never voted for it and it's outcome is already impacting on me.

Secondly, the comment to swordtrombonefish was a throw away comment regarding how he said 'are we sick of winning yet' after Labour had their @rses handed to them over the weekend. If that is winning, I don't want to be on the losing side.

Thirdly, I personally feel that the free ports will help attract business into Teesside over the next few years and create employment that presently does not exist. I have quickly taken the following for you off the Business Live page stating the Pro's and Cons on free ports that Redwurzel touched on in his post. It also mentions that we need to be careful of organised gangs bringing lucrative goods through the back door.


They include:

  • An enhanced 10% rate of structures and buildings allowance for constructing or renovating non-residential structures and buildings within freeport tax sites in Great Britain. This means investments will be fully relieved after 10 years compared with 33 years for properties in other locations which only achieve a 3% rate.
  • An enhanced capital allowance of 100% for company investment in plant and machinery for use in freeport tax sites in Great Britain.
  • Full relief from stamp duty land tax (SDLT) on the purchase of land or property within freeport tax sites in England where it is purchased and used for a qualifying commercial purpose.
  • Full business rates relief available to all new business and certain existing businesses that have expanded.
The government also intends to introduce a further tax relief in the form of employer national insurance contributions (NIC) relief for eligible employees in all freeport tax sites, but this is subject to parliamentary approval, said Ms Alford.

www.business-live.co.uk

The main pros and cons of UK freeports explained

The announcement of eight new Freeports have been hailed for the job creation and regeneration prospects they will bring to the regions but what are the downsides?
www.business-live.co.uk www.business-live.co.uk
 
Last edited:
Norman_Conquest said:
First of all, who said that I thought Brexit was a good idea? I never voted for it and it's outcome is already impacting on me.

Secondly, the comment to swordtrombonefish was a throw away comment regarding how he said 'are we sick of winning yet' after Labour had their @rses handed to them over the weekend. If that is winning, I don't want to be on the losing side.

Thirdly, I personally feel that the free ports will help attract business into Teesside over the next few years and create employment that presently does not exist. I have quickly taken the following for you off the Business Live page stating the Pro's and Cons on free ports that Redwurzel touched on in his post. It all mentions that we need to be careful of organised gangs bringing lucrative goods through the back door.


They include:

  • An enhanced 10% rate of structures and buildings allowance for constructing or renovating non-residential structures and buildings within freeport tax sites in Great Britain. This means investments will be fully relieved after 10 years compared with 33 years for properties in other locations which only achieve a 3% rate.
  • An enhanced capital allowance of 100% for company investment in plant and machinery for use in freeport tax sites in Great Britain.
  • Full relief from stamp duty land tax (SDLT) on the purchase of land or property within freeport tax sites in England where it is purchased and used for a qualifying commercial purpose.
  • Full business rates relief available to all new business and certain existing businesses that have expanded.
The government also intends to introduce a further tax relief in the form of employer national insurance contributions (NIC) relief for eligible employees in all freeport tax sites, but this is subject to parliamentary approval, said Ms Alford.

www.business-live.co.uk

The main pros and cons of UK freeports explained

The announcement of eight new Freeports have been hailed for the job creation and regeneration prospects they will bring to the regions but what are the downsides?
www.business-live.co.uk www.business-live.co.uk
Click to expand...
well you cut and pasted the pros, but missed out the cons for balance.

- likely creates low paid low skilled jobs only
- damages mainland british businesses
- cuts british tax revenue
- is effectively a tax break for huge businesses and their billionaire investors

Enjoy your crumbs from the top table, I'd rather we had a proper table with a substantial meal
 
Whether freeports were viable in the EU or not isn't really the issue here. If it brings jobs to a deprived area that is good, right? We may have been able to do something similar whilst in the EU, but we didn't. I don't live in the North East anymore but welcome any good news on jobs and financial security for the area, wherever and however it is provided.
 
BoroMart said:
well you cut and pasted the pros, but missed out the cons for balance.

- likely creates low paid low skilled jobs only
- damages mainland british businesses
- cuts british tax revenue
- is effectively a tax break for huge businesses and their billionaire investors

Enjoy your crumbs from the top table, I'd rather we had a proper table with a substantial meal
Click to expand...
Unfortunately, under both governments, we haven't eaten well for years in this area.
 
Laughing said:
Whether freeports were viable in the EU or not isn't really the issue here. If it brings jobs to a deprived area that is good, right? We may have been able to do something similar whilst in the EU, but we didn't. I don't live in the North East anymore but welcome any good news on jobs and financial security for the area, wherever and however it is provided.
Click to expand...
Well is the issue, because the tories are saying it’s a benefit of brexit and advertising as so.

same as the vaccine rollout
 
Norman_Conquest said:
Unfortunately, under both governments, we haven't eaten well for years in this area.
Click to expand...
well that's a party political issue, with both parties supporting capitalist free market economics. You should have got behind Corbyn if you wanted a change from the status quo
 
You must log in or register to reply here.
Back
Top