On the 3rd March 2021 the Chancellor of the Exchequer announced that the Humber was to gain Freeport status.
Inside the customs zone, port operators and other companies are able to defer tax duty and import VAT on goods. If a product comes from outside of the UK into the customs zone, such as a raw material or a component part, no tax is paid on that coming into the port unless it then leaves the port area and enters the UK. If a manufacturer or a producer is located inside the customs zone, it can handle those goods and use them to create their finished product. They would only pay tax on their product if it then enters the UK. They can export to an international market without paying tax.
There are several new proposed customs zones to be located inside Humber Freeport, including the three ports that we operate in of Immingham, Hull and Goole.
Contact – Marc Wilson (Business Development Manger) – email@example.com