Finance Act 2021

113 Designation of freeport tax sites

(1) The Treasury may by regulations designate an area in Great Britain as a special area for the purposes of—

(a) Part 2 of CAA 2001 (plant and machinery allowances),

(b) Part 2A of CAA 2001 (structures and buildings allowances), and

(c) where the area is in England, Part 4 of FA 2003 (stamp duty land tax).

(2) An area may only be designated by regulations under this section if, at the time the regulations are made—

(a) the area is situated in a freeport, or

(b) the Treasury consider that the area is being used, or is likely to be used, for purposes connected with activities carried on, or likely to be carried on, in a freeport.

(3) An area designated under this section is to be known as a “freeport tax site”.

(4) Regulations under this section must specify the date on which the designation takes effect.

(5) In this section, “freeport” means an area which is identified as a freeport in a document published by, or with the consent of, the Treasury for the purposes of this section (and not withdrawn).

(6) Any regulations made by the Treasury in reliance on a resolution under section 1 of the Provisional Collection of Taxes Act 1968 and in force immediately before the passing of this Act which make a designation described in subsections (1) and (2) have effect as if validly made under this section.