UK aims to launch freeports

The UK government has launched a consultation on creating up to 10 freeports with special tariff and duty status – an idea ministers argue will fuel growth but critics say could encourage money laundering and other crimes.

The UK government said it was firmly committed to announcing locations this year so that the first could open in 2021. It is proposing zones – which do not necessarily have to be located in a port – where no duty is paid on goods until they enter the full UK market, meaning none at all is paid if they are re-exported from the port.

Other extra freedoms include duties only being paid on final goods, not on any raw materials that are imported into the area and then processed. Businesses would be exempt from filling out full customs declarations on imported goods.

After the 10-week consultation, areas will be invited to bid to become one of the zones.

Source: https://www.gov.uk/government/consultations/freeports-consultation