Plymouth & South Devon Freeport to Benefit from Tax Benefits Extension
New and high growth businesses in the south west’s blue/green economy can now benefit from the English Freeport tax benefits extension window – the previously agreed 5-year window now extends until September 2031.
For the fully story please read the bulletin below which was issued by Insider News Media today.
Roger Mundy, Managing Director, Beardsley Theobalds, 2nd August 2024
Plymouth and South Devon Freeport welcomes new tax benefits extension
Plymouth and South Devon (PASD) Freeport has welcomed a new tax benefits extension.
New and high growth businesses in the South West's blue/green economy can now benefit from a significant boost, as the English Freeport tax benefits extension window went into law late in May.
The previously agreed five-year window now extends until September 2031.
The provides businesses with greater certainty and extended time to capitalise on the Freeport’s tax benefits and reliefs, available to eligible new businesses or those demonstrating high growth.
Plymouth and South Devon Freeport has also confirmed that, as well as marine, defence and space being target sectors, three additional sectors of advanced manufacturing, engineering and net zero technology are now also key areas of focus for the South West’s only Freeport.
Richard May, chief executive, Plymouth and South Devon Freeport, said: "The tax relief window extension is fantastic news. This extended timeframe provides businesses, investors, and developers with the confidence they need to fully embrace the Freeport’s potential and drive economic growth across the region.
"Combined with additional sector focus to now also include advanced manufacturing, engineering and net zero tech, alongside our core sectors of marine, defence and space, we really are best placed to support new and growing businesses to achieve huge success not only domestically but internationally with competitive Freeport levers."
Plymouth and South Devon Freeport is one of 12 Freeports in the UK that have been designed to boost economic growth, create jobs for their local communities and foster hotbeds of innovation.
