‘Freeport’ status brings SDLT tax breaks to the Solent
Eight new freeports, including Solent, were announced in the March 2021 budget. These freeports are designed to regenerate deprived areas, as companies within the site will be offered tax breaks, including full or partial SDLT exemption.
In order to obtain the exemption, the land must of course be within the site, but also must be put to ‘qualifying use’, i.e. in a commercial trade (whether by the purchaser or let to another person for such use). The exemption is therefore not available in relation to residential property.
The property must also be used exclusively in a qualifying manner, so partial residential use, for example, would prevent the whole acquisition from qualifying for the exemption.
If the Solent freeport would make a great location for your business, please do get in touch to explore whether the SDLT exemption would be available to you.
For further information on SDLT, please contact Gemma Hedges on 023 8046 1259.