The government has set out details around how it will create a number of new Freeports across the UK, designed to create jobs, drive investment and regenerate communities. Freeports are secure customs zones located at ports where business can be carried out inside a country’s land border, but where different customs rules apply. They can reduce administrative burdens and tariff controls, provide relief from duties and import taxes, and ease tax and planning regulations. The outcome of a Freeports consultation, which was held earlier this year, has been published. The Freeports bidding prospectus gives further details on the UK Freeports model and sets out how bidders can apply for Freeport status in England.
