Teesside Freeport
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Alongside globally and nationally significant developments such as Teesworks, Teesport and Wilton International, the airport and business park forms part of Teesside Freeport.
Freeports are secure customs zones where business can be carried out inside a country’s land border, but where different customs rules apply. They can reduce administrative burdens and tariff controls, provide relief from duties and import taxes, and ease tax and planning regulations.
Investors operating within Teesside Freeport’s customs zones will receive a range of tariff benefits, including duty deferral while the goods remain on-site. They will also be able to suspend import VAT on goods entering the customs zone. Businesses can also manufacture goods using the imports and add value, before exporting to international markets, without ever paying the full tariff on the original goods.
Declarations are simplified to reduce the administrative burden of moving goods into a Freeport and when allowing goods to be cleared to leave a port.
No import duty paid on non-GB goods brought into the Freeport until they enter the GB domestic market.
When declaring goods to GB market, ability to calculate import duties based on value of imports or finished product (whichever is most beneficial).
Unless subject to duty clawback under a Free Trade Agreement (FTA), no import duty paid.
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