PART 4

Miscellaneous and final

Freeports

Designation of freeport tax sites
113
1
The Treasury may by regulations designate an area in Great Britain as a special area for the purposes of—
a
Part 2 of CAA 2001 (plant and machinery allowances),
b
Part 2A of CAA 2001 (structures and buildings allowances), and
c
where the area is in England, Part 4 of FA 2003 (stamp duty land tax).
2
An area may only be designated by regulations under this section if, at the time the regulations are made—
a
the area is situated in a freeport, or
b
the Treasury consider that the area is being used, or is likely to be used, for purposes connected with activities carried on, or likely to be carried on, in a freeport.
3
An area designated under this section is to be known as a “freeport tax site”.
4
Regulations under this section must specify the date on which the designation takes effect.
5
In this section, “freeport” means an area which is identified as a freeport in a document published by, or with the consent of, the Treasury for the purposes of this section (and not withdrawn).
6
Any regulations made by the Treasury in reliance on a resolution under section 1 of the Provisional Collection of Taxes Act 1968 and in force immediately before the passing of this Act which make a designation described in subsections (1) and (2) have effect as if validly made under this section.