What is a Freeport?
Freeports are special areas that have been created by the Government to boost investment in strategic locations across the country. There are 12 UK freeports, eight of which are in England. Investors benefit from a generous package of incentives, as well as excellent port infrastructure (sea and air).

 

How many sites are involved in Humber Freeport?
There are three tax sites within Humber Freeport – Hull East, Immingham and Goole. There is also a customs site located at Grimsby.

For more details, visit https://humberfreeport.org/where-are-we/.

What are the benefits of a Freeport?
Freeports are designed to encourage investment on specific sites through tax and customs incentives, with the aim of creating high-quality jobs and driving economic growth through:

  • Stamp Duty Land Tax relief
  • Business Rate Relief for five years
  • Enhanced capital allowances for investment in machinery, structures and buildings
  • Employer National Insurance contributions relief
  • Supportive local planning environments with public-private partnership
Why has the Humber been chosen as a Freeport?
The Humber is a global gateway for international trade and investment. Centred around the UK’s busiest port complex, the Humber is a world-leading hub for renewable energy, clean growth, digital innovation and advanced manufacturing.

Freeport status will enable the Humber to maximise opportunities which arise from the net zero transition, creating highly-skilled jobs and driving investment both regionally and across the UK.

What are tax sites?
Eligible businesses in Freeport tax sites will enjoy a range of tax incentives, such as enhanced capital allowances and relief from employer National Insurance contributions (NICs) for new employees.

Relief is also available on Stamp Duty Land Tax and business rates. These tax reliefs are designed to encourage the maximum number of businesses to open, expand and invest in Freeports which in turn will boost employment

What are customs sites?
A freeport customs site is a secure, enclosed site where some normal tax and customs rules don’t apply. Businesses within customs sites will receive a range of tariff benefits, including duty deferral while the goods remain on-site and suspended import VAT on goods entering the customs site.

This means that businesses operating inside designated areas in and around the port may manufacture goods using these imports, before exporting them again without paying the tariffs and benefit from simplified customs procedures.

Who is involved in Humber Freeport?
As a company limited by guarantee, Humber Freeport has a CEO, a Chair and a Board of Directors.

Our Freeport Board comprises of senior leaders from both public and private sectors. It includes representation from all four of the region’s local authorities, both of its Mayoral Combined Authorities, and prominent private sector businesses.

Take a look at our Who are we? page for details of those involved in Humber Freeport.

 

 

 

How is Humber Freeport being funded?
Each Freeport will be granted up to £25 million of seed capital funding, primarily to be used to address infrastructure gaps in tax and/or customs sites that are holding back investment.

Private businesses involved are also investing their own money and expect further investment from businesses both inside and outside the region.

How will Humber Freeport reduce the region's carbon emissions?
Humber Freeport will accelerate the region as a world-leading hub for renewable energy and clean growth. The Humber is perfectly positioned to create a low carbon roadmap for the rest of the UK and Europe. With significant investment in decarbonisation projects spanning hydrogen energy, carbon capture, storage and usage and solar power, the Humber proudly carries the title of the UK’s ‘Energy Estuary.’ Freeport status will enable the Humber to maximise opportunities which arise from the net zero transition, creating highly-skilled jobs and driving investment both regionally and across the UK.
How can I find out more about investment opportunities?
You can contact the Humber Freeport team via https://humberfreeport.org/contact/ to find out more about the investment opportunities which exist in the region.

For an informal chat about investment opportunities, and our tax site benefits, please contact our Head of Investment, Richard Beason, via richard.beason@humberfreeport.org. Connect with Richard on LinkedIn: www.linkedin.com/in/richard-beason-905373139/

How do existing local businesses benefit?
Freeport status brings a variety of benefits for existing local businesses – from the creation of broader supply chain opportunities, to increased collaboration across all sectors. The freeport’s £25m seed capital fund has also supported a number of strategic local projects which are seen as crucial to driving economic growth.

Businesses will also benefit from the general uplift in economic activity in the area catalysed by the freeport.

Where can I access governance information such as meeting minutes and reports?
You can see all our publicly available documentation on the Humber Freeport governance page.

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