Thames Freeport has introduced its range of financial incentives to attract businesses to relocate to its premises.
From 19 November, anyone setting up a new manufacturing, clean energy or logistics business at the Thames Freeport will be able to access tangible economic benefits which are available across the three tax sites at Ford Dagenham, the Port of Tilbury and London Gateway’s Logistics Park.
The sites are ready for development now.
Freeports are special areas within the UK’s borders where different economic regulations apply.
These include a range of tax incentives, including business rates relief for five years, enhanced capital allowances, relief from stamp duty and exemption from employer national insurance contributions for new and additional employees.
These tax reliefs are designed to encourage the maximum number of businesses to open, expand and invest in the country’s freeports which in turn will boost skilled, highly paid employment.
Launching at the conclusion of International Trade Week, Rt Hon Ruth Kelly, Chair of Thames Freeport, commented, “Thames Freeport is open for business.
“This package of measures potentially reduces property ownership costs for new businesses by 50%, offering a massive [stimulus] to our 1,700-acre development platform – much with planning consent.
“The accelerated development of these sites will bring significant economic and regeneration benefits to the communities and businesses based along the Thames estuary corridor.”
Thames Freeport is an economic zone connecting Ford’s Dagenham engine plant and the global ports at London Gateway and Tilbury.