Freeports are special areas within the UK’s borders where different economic regulations apply. Eligible businesses within Freeport areas will be eligible for a range of tax incentives, which includes enhanced capital allowances.
Specifically this includes Enhanced Structures and Buildings Allowance (SBA) at a rate of 10% and a 100% first year allowance (FYA) on qualifying plant and machinery. The enhanced allowances are available on qualifying expenditure incurred on or after the date the Freeport is designated until 30 September 2026.
HMRC have introduced a supplementary page CT600M, to be completed when the enhanced SBA and/or FYA are being claimed.
Within SimpleStep, when creating an asset for structures and buildings or plant and machinery, there is an option for ticking if the asset is located in a Freeport site and qualifies for enhanced allowances. When ticked, the system will validate certain entries to ensure the required information is populated on the CT600M for filing purposes. These can be populated within Asset Details
The following are the Freeport tax sites full names and their effective date of designation.
Short Name | Full name | Date Designated |
East Midlands Airport | East Midlands Airport | 22/03/2022 |
Felixstowe & Harwich | Felixstowe & Harwich including the Port of Felixstowe and Harwich International Port | 30/12/2021 |
Humber | Humber including parts of Port of Immingham | 19/11/2021 |
Liverpool City Region | Liverpool City Region including the Port of Liverpool | 22/03/2022 |
Plymouth & South Devon | Plymouth & South Devon including the Port of Plymouth | 04/07/2022 |
Solent | Solent including the ports of Southampton, Portsmouth and Portsmouth International Port | 22/03/2022 |
Thames | Thames including the ports at London Gateway and Tilbury | 19/11/2021 |
Teesside | Teesside including Teesside International Airport, the Port of Middlesbrough and the Port of Hartlepool | 19/11/2021 |
For more information on the Freeport areas, please see: