PART 4Miscellaneous and final

Freeports F1and investment zones

Annotations:
Amendments (Textual)

113Designation of F2special tax sites

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 F3or an investment zone, 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 F5or an investment zone.

3

An area designated under this section is to be known as F4a “special tax site”.

4

Regulations under this section must specify the date on which the designation takes effect.

F65

For the purposes of this section any reference to a freeport or an investment zone is to an area which is identified as such in a document published by, or with the consent of, the Treasury for the purposes of this section (and not withdrawn).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.

114Capital allowances for freeport tax sites

1

Schedule 22 makes provision about capital allowances for expenditure incurred in connection with freeport tax sites.

2

In that Schedule —

a

Part 1 provides for a first-year allowance under Part 2 of CAA 2001 (plant and machinery allowances),

b

Part 2 provides for a different rate of allowance under Part 2A of CAA 2001 (structures and buildings allowances), and

c

Part 3 contains related amendments.

115Relief from stamp duty land tax for freeport tax sites

Schedule 23 provides for relief under Part 4 of FA 2003 in the case of transactions relating to land in a freeport tax site.