UK New Legislation,The Free Zone (Customs Site No. 1 Humber) Designation Order 2024

The Free Zone (Customs Site No. 1 Humber) Designation Order 2024

Summary

The Free Zone (Customs Site No. 1 Humber) Designation Order 2024, which came into force on November 5, 2024, designates a new free zone in the United Kingdom. The free zone, known as Customs Site No. 1 Humber, is located in the Humber region of England and encompasses the ports of Hull and Immingham.

Purpose

The primary purpose of the free zone is to attract investment and boost economic activity in the Humber region. By establishing a customs-free area, businesses operating within the free zone will benefit from:

  • Exemption from import duties on goods entering the free zone
  • Deferment of VAT on goods stored in the free zone
  • Simplified customs procedures

Location and Size

Customs Site No. 1 Humber covers an area of approximately 430 hectares (1,063 acres), including the ports of Hull and Immingham. It is the first free zone in the UK to be designated since the establishment of the Freeports Act 2021.

Eligible Activities

Businesses operating within the free zone are permitted to engage in a wide range of activities, including:

  • Storage and distribution of goods
  • Manufacturing and assembly
  • Value-added services
  • Research and development

Benefits

The establishment of the free zone is expected to bring numerous benefits to the Humber region, including:

  • Increased investment and job creation
  • Enhanced competitiveness for businesses
  • Boosted trade and exports
  • Improved connectivity and infrastructure

Implementation

The Humber Local Enterprise Partnership (LEP) will be responsible for managing and overseeing the free zone. The LEP has developed a detailed implementation plan to ensure the successful establishment and operation of the free zone.

Significance

The Free Zone (Customs Site No. 1 Humber) Designation Order 2024 represents a significant development in the UK’s economic policy. It is the first new free zone to be designated in over 50 years and is expected to play a vital role in driving economic growth and prosperity in the Humber region.


The Free Zone (Customs Site No. 1 Humber) Designation Order 2024

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UK New Legislation a new article on 2024-11-05 16:27 titled “The Free Zone (Customs Site No. 1 Humber) Designation Order 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.

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