Cllr Gerald Vernon-Jackson Leader of Portsmouth City Council said: “Our Solent region has a dynamic and fast growing marine and maritime sector and an appetite for innovation, so we’re delighted to join our partners to deliver a strong Freeport bid.
“Our proposal provides sustainable and long-term opportunities. We’ll bring trade closer to home, providing global connection to the UK through the advantages of our combined road, rail, air and sea networks.
“With a designated customs site at Portsmouth International Port and a tax site at Dunsbury Park, there are exciting opportunities for business growth resulting in employment opportunities, making Portsmouth and surrounding areas the showcase for a global Britain.”
What is a tax site
Dunsbury Park owned by Portsmouth City Council is a major business park ideal for manufacturing and logistics companies with 62 Ha of land available, situated adjacently to junction 3 of the A3(M), which complements the port’s proximity and has been identified as a Freeport tax site.
It has the ability to create bespoke facilities from 20,000 sq ft to 200,000 sq ft, available on a built-to-suit basis, with an unrivalled scale of employment potential for the region.
If the bid is successful as a tax site Dunsbury Park will be able to offer prospective customers tax relief through stamp duty, business rates, national insurance contributions, enhanced capital allowance and enhanced structures buildings allowances.
What is a customs site
Customers using Portsmouth International Port will receive tariff benefits, including duty deferral while the goods remain on site and duty inversion if the finished goods exiting the Freeport attract a lower tariff than their component parts.
Subject to the UK's trade agreements, businesses may also be able to take advantage of customs duty exemption on goods that are imported, processed into finished goods and subsequently re-exported. They will also be able to suspend import VAT on goods entering the customs site. In addition, businesses operating in Freeports will be authorised to use simplified import procedures.
For information about the Solent's Freeport bid click here