A Freeport is designed to stimulate trade and long-term investment, where businesses can invest in a productive capacity receiving capital allowances, tax and regulatory incentives and deferred customs duties. It serves as a hub for international trade and investment, allowing goods to be imported, processed and re-exported without being subject to the usual customs procedures.
Humber Freeport websiteDirect benefits
- Stamp Duty Land Tax relief
- Business Rate Relief for five years
- Enhanced capital allowances for investment in machinery, structures and buildings
- Employer National Insurance contributions relief
- Supportive local planning environments with public-private partnerships
Indirect benefits
Businesses located outside of a tax site but within the freeport could benefit significantly from retained business rates through:
- Infrastructure projects
- Innovation and R&D
- Decarbonisation projects
- Skills Programmes
Supply chain cluster
It is the intention to incentivise new investors to the area to use local suppliers, to boost existing businesses across the Humber. Businesses will also benefit from:
- General uplift in economic activity in the area
- National hubs for global trade and investment
- Growth and job creation
Employment land sites within the Freeport
Able Energy Park
- Location: Chase Hill Road, North Killingholme, DN40 3LU
- Size: 285 hectares (704 acres) with an additional 43.7 hectares (108 acres) of new quayside when developed
Able Humber Port
- Location: Rosper Road, North Killingholme, DN40 3DZ
- Size: 285 hectares (704 acres) with an additional 43.7 hectares (108 acres) of new quayside when developed