The government has launched a consultation on creating up to 10 freeports in the UK, with special tariff and duty status, designed to fuel growth. The first could open as early as 2021.
The scheme will create zones, which do not necessarily have to be located in a port, where no duty is paid on goods until they enter the full UK market, with none at all paid if they are re-exported from the port. Other freedoms include duties only being paid on final goods, not raw materials that are imported into the area and then processed. Businesses would be exempt from filling out full customs declarations on imported goods.
Andrew Stirling at PDS said: “We welcome this initiative, which has the potential to allow businesses to increase their trade with companies from all over the world, supporting global free trade. It has the potential to make a significant contribution to Scotland’s economy and to benefit the occupiers who choose Mossend International Railfreight Park to fulfil their logistics needs.”