The chancellor is expected extend some tax breaks available to UK freeports by five years in next week’s Autumn Statement.
According to government figures, Jeremy Hunt hopes to avoid a “cliff edge” in fiscal support for the new zones.
The government has authorised the creation of eight of the sites in England, two in Scotland and two in Wales, all of which are in various stages of development. It also hopes to set up a freeport in Northern Ireland when power sharing at Stormont is restored.
Most of the tax breaks were due to expire in April 2026, with the exception of a five-year rolling business rates relief.
It is feared that by the time companies have secured planning permission and moved to the zone, the incentives will have elapsed.
Hunt is expected to extend some of the tax breaks to 2031 in his Autumn Statement next week.
