The Designation of Special Tax Sites (Forth Green Freeport) Regulations 2024
S.I. 2024/671 · Made 21 May 2024
INCOME TAX
CORPORATION TAX
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 2021f1.
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 freeportf2.
Annotations to the whole text
Footnotes
- f1
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2021 c. 26. Section 113 was amended by section 331 of, and paragraph 19 of Schedule 23 to, the Finance (No. 2) Act 2023 (c. 30).
- f2
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“Freeport” is defined in section 113(5) of the Finance Act 2021 (“FA 2021”). The relevant freeport for this designation is the area known as “Forth Green Freeport”, which is identified edged in blue on the map entitled “Forth Green Freeport - Outer Boundary” and dated 18th April 2024, published with the consent of the Treasury for the purposes of section 113 of FA 2021. The map is available electronically at https://www.gov.uk/government/publications/maps-of-uk-freeports. A person unable to access the document electronically can arrange access to a hard copy by inspection free of charge at 1 Horse Guards Road, London SW1A 2HQ.
Contents
- 1Citation, commencement and interpretation
- 2Designation of special tax sites
- Signature
- Explanatory note
1Citation, commencement and interpretation
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.
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.
2Designation of special tax sites
The following areas are designated as special areasf1 for the purposes referred to in section 113(1) of the Finance Act 2021—
the areas shown edged and hatched in red on the map entitled “Grangemouth Tax Site” and dated 18th April 2024f2;
the area shown edged and hatched in red on the map entitled “Mid Forth Tax Site (Burntisland)” and dated 18th April 2024f3;
the areas shown edged and hatched in red on the map entitled “Mid Forth Tax Site (Leith)” and dated 18th April 2024f4;
the areas shown edged and hatched in red on the map entitled “Rosyth Tax Site” and dated 18th April 2024f5.
The designations made by paragraph (1) take effect on 12th June 2024.
Signature
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.