06 March 2024

Hunt confirmed additional details of six investment zones, further information can be found here: Investment Zones - GOV.UK (www.gov.uk).

As a reminder, it will be possible to apply a zero-secondary rate of employer NICs for eligible employees’ earnings above the secondary threshold (£9,100 per annum) up to and including an upper secondary threshold (£25,000 per annum) equivalent to the freeport upper secondary threshold, where the conditions to claim the relief are met. The balance of earnings above this upper secondary threshold will be charged at 13.8%. However, the calculation of primary class 1 NICs is unaffected.

Extension to freeport tax relief in Scotland and Wales

Following on from the Autumn Statement 2023, in which Hunt confirmed freeport tax reliefs will be extended from five to ten years for English zones, he today confirmed this extension will also apply to Scottish green freeports and Welsh freeports, until September 2034.  Details on the Northern Ireland enhanced investment zone will be published soon.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.