HMRC have recently published these indicative examples of how businesses can benefit from locating in a Freeport. They focus on businesses locating within a customs site, but some also cover the tax site benefits. The document also includes a summary of the Freeport customs benefits, including those which are unique to the Freeports customs offer.
HMRC Freeport business examples (publishing.service.gov.uk)
Businesses authorised by HMRC and operating inside designated customs sites in the Freeport can store or manufacture imported goods before exporting them again without paying the full tariff. Movements to and from the customs site will benefit from simplified customs procedures.
The Freeport East customs offer aims to make customs facilitations more accessible by providing the following:
- giving access to duty suspension, duty exemption on re-exports and flexibility on how duty is calculated through one combined Freeport East Customs Procedure, instead of multiple authorisations
- streamlining the processes for bringing goods into Freeport East customs sites, as well as between customs sites, and exporting them
- allowing the movement of goods in the procedure between customs sites and into other special procedures to fit the needs of business
The Freeport East customs procedure will apply within specific designated customs sites, each one run by a customs site operator.
Eligible businesses operating within a Freeport East customs site can take advantage of duty suspension, duty exemption on re-exports and flexibility on how duty is calculated, as well as simplified customs procedures to import, export, store or process goods and streamlined processes for bringing goods into and moving goods between customs sites.
For more details please see: https://www.gov.uk/guidance/freeports#can-i-benefit-from-a-freeport