Thames Freeport has launched a range of financial incentives to economically attract businesses to be located at the British port.
“Anyone setting up a new manufacturing, clean energy or logistics business at the Thames Freeport will be able to access tangible economic benefits which are available across the three tax sites at Ford Dagenham, the Port of Tilbury and London Gateway’s Logistics Park,” said the port in an announcement.
In addition, according to Thames freeport officials, the substantial sites are ready for development.
“This package of measures potentially reduces property ownership costs for new businesses by 50%, offering a massive fillip to our 1,700-acre development platform – much with planning consent,” pointed out Rt Hon Ruth Kelly, Chair of Thames Freeport, at the conclusion of International Trade Week and added that the accelerated development of the sites is expected to bring significant economic and regeneration benefits to the communities and businesses based along the Thames estuary corridor.
Freeports within the United Kingdom’s borders constitute areas where different economic regulations apply. These include a range of tax incentives, such as business rates relief for five years, enhanced capital allowances, relief from stamp duty and exemption from employer national insurance contributions for new and additional employees, according to a statement.
These tax reliefs aim to encourage the maximum number of businesses to open, expand and invest in the country’s freeports which in turn will boost skilled, highly paid employment.
Thames Freeport is an economic zone connecting Ford’s Dagenham engine plant, the global ports at London Gateway and Tilbury, and many communities in urgent need of ‘levelling-up, while 20% of the UK’s most deprived communities are in London and the South East, according to Thames Freeport.
The UK port called the businesses looking to expand, to take advantage of the tax benefits of relocating to the Freeport and being part of a customs zone that will enable them to continue to have friction trade processes with the European Union and global markets.
