uksi/2022/972 — The Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) (No. 2) Regulations 2022

2022 No. 972 Income Tax Corporation Tax Stamp Duty Land Tax, England The Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) (No. 2) Regulations 2022 Made 22nd September 2022 Laid before the House of Commons 23rd September 2022 Coming into force 14th October 2022 The Treasury make the following Regulations in exercise of the powers conferred by section 113 of the Finance Act 2021 . The area designated by these Regulations is either situated in a freeport or considered by the Treasury as being used, or likely to be used, for purposes connected with activities carried on, or likely to be carried on, in a freeport . Citation, commencement and interpretation 1 1 These Regulations may be cited as the Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) (No. 2) Regulations 2022 and come into force on 14th October 2022. 2 In these Regulations, a reference to an area “shown edged and hatched in red” on a map is a reference to the hatched area extending up to the red edging, but not including the red edging itself. Designation of freeport tax site 2 1 The area shown edged and hatched in red on the map marked “Project Title: Plymouth & South Devon Freeport; Detail: Langage Tax Site Boundary Plan” and dated 4th May 2022 is designated as a special area for the purposes referred to in section 113(1)(a), (b) and (c) of the Finance Act 2021. 2 The designation made by paragraph (1) takes effect on 14th October 2022. Craig Whittaker Gareth Johnson Two of the Lords Commissioners of His Majesty’s Treasury 22nd September 2022 EXPLANATORY NOTE (This note is not part of the Regulations) These Regulations designate an area, known as a “freeport tax site”, as a special area for the purposes of Parts 2 (plant and machinery allowances) and 2A (structures and buildings allowances) of the Capital Allowances Act 2001 (c. 2) (“CAA 2001”) and Part 4 (stamp duty land tax) of the Finance Act 2003 (c. 14) (“FA 2003”). Section 45O in Part 2 of CAA 2001 provides that expenditure incurred by a company on the provision of plant and machinery for use in a freeport tax site qualifies for enhanced capital allowances if certain conditions are met. Section 270BNA in Part 2A of CAA 2001 provides that expenditure incurred on non-residential structures and buildings situated in a freeport tax site qualifies for an enhanced annual rate of structures and buildings allowances if certain conditions are met. Section 61A in Part 4 of and Schedule 6C to FA 2003 provides for relief from stamp duty land tax for acquisition of land situated in a freeport tax site if certain conditions are met. A Tax Information and Impact Note covering these instruments was published on 3rd March 2021 alongside Spring Budget 2021 and is available on the website at: https://www.gov.uk/government/publications/designation-of-freeport-tax-sites/designation-of-freeport-tax-sites . It remains an accurate summary of the impacts that apply to this instrument.