Finance Act 2021 (c. 26)

PART 4 U.K. Miscellaneous and final

Freeports [F1 and investment zones] U.K.

Textual Amendments

F1 Words in s. 113 cross-heading inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 18

113 Designation of [F2 special tax sites] U.K.

(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 [F3 or an investment zone], 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 [F4 or an investment zone].

(3) An area designated under this section is to be known as [F5 a “special tax site”].

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

[F6 (5) For the purposes of this section any reference to a freeport or an investment zone is to an area which is identified as such in a document published by, or with the consent of, the Treasury for the purposes of this section (and not withdrawn).]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.

Textual Amendments

F2 Words in s. 113 heading substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 19

F3 Words in s. 113(2)(a) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 331(2)

F4 Words in s. 113(2)(b) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 331(2)

F5 Words in s. 113(3) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 331(3)

F6 S. 113(5) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 331(4)

114 Capital allowances for freeport tax sites U.K.

(1) Schedule 22 makes provision about capital allowances for expenditure incurred in connection with freeport tax sites.

(2) In that Schedule —

(a) Part 1 provides for a first-year allowance under Part 2 of CAA 2001 (plant and machinery allowances),

(b) Part 2 provides for a different rate of allowance under Part 2A of CAA 2001 (structures and buildings allowances), and

(c) Part 3 contains related amendments.

115 Relief from stamp duty land tax for freeport tax sites U.K.

Schedule 23 provides for relief under Part 4 of FA 2003 in the case of transactions relating to land in a freeport tax site.