Covering 4,500 acres – the equivalent to 2,550 football pitches – Teesside Freeport is the UK’s biggest and first operational Freeport, unrivalled in size, connectivity and
It is expected to create more than 18,000 jobs and provide a boost to the local economy worth billions in its first five years.
Freeports are tax and secure customs zones where business can be carried out inside a country’s land border, but where normal tax and customs rules don’t apply. They can offer business incentives such as no stamp duty, five years of zero business rates, and full rebates for construction and machinery investment. While located geographically within a country, freeports essentially exist outside its borders for tax purposes.
In the UK. Freeports will enhance trade and long-term investment, boosting growth and high-skilled jobs, as well as increasing innovation and productivity in the region’s key sectors and supply chains. As national hubs for global trade, these areas will play a key role in regeneration and job creation. While creating dynamic economies that capitalise on new ideas and create an environment to attract new business.
The Teesside Freeport is made up of two types of areas – tax zones and customs zones. Depending on land selection and location, businesses operating within the Freeport can benefit from either one of these incentives, or a combination of both. These are designed to encourage companies to open, expand, invest and trade, which in turn will boost the economy on a regional and national scale.
Tax sites are located at Teesworks, Redcar Bulk Terminal, Wilton International and the Wilton Centre.
Customs sites are located at Teesside International Airport, Teesport and Port of Hartlepool, Port of Middlesbrough, ABLE Seaton Port, Wilton Engineering, LV Logistics and Liberty Steel Hartlepool.
Businesses within the Teesside Freeport tax zones can benefit from a range of incentives, including;
Businesses operating within customs zones will receive a range of tariff benefits, including;
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