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Finance Act 2021

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113Designation 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a freeport in a document published by, or with the consent of, the Treasury for the purposes of this section (and not withdrawn).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.

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