uksi/2024/671 — The Designation of Special Tax Sites (Forth Green Freeport) Regulations 2024

2024 No. 671 INCOME TAX CORPORATION TAX The Designation of Special Tax Sites (Forth Green Freeport) Regulations 2024 Made 21st May 2024 Laid before the House of Commons 22nd May 2024 Coming into force 12th June 2024 The Treasury make the following Regulations in exercise of the powers conferred by section 113 of the Finance Act 2021 . The areas designated by these Regulations are 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 Special Tax Sites (Forth Green Freeport) Regulations 2024 and come into force on 12th June 2024. 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 special tax sites 2 1 The following areas are designated as special areas for the purposes referred to in section 113(1) of the Finance Act 2021— a the areas shown edged and hatched in red on the map entitled “Grangemouth Tax Site” and dated 18th April 2024 ; b the area shown edged and hatched in red on the map entitled “Mid Forth Tax Site (Burntisland)” and dated 18th April 2024 ; c the areas shown edged and hatched in red on the map entitled “Mid Forth Tax Site (Leith)” and dated 18th April 2024 ; d the areas shown edged and hatched in red on the map entitled “Rosyth Tax Site” and dated 18th April 2024 . 2 The designations made by paragraph (1) take effect on 12th June 2024. Scott Mann Amanda Milling Two of the Lords Commissioners of His Majesty's Treasury 21st May 2024 Explanatory Note (This note is not part of the Regulations) These Regulations designate areas, known as “special tax sites”, as special areas 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”). 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 special 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 special tax site qualifies for an enhanced annual rate of structures and buildings allowances if certain conditions are met. A Tax Information and Impact Note covering this instrument 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.