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1310563

registered interest
date	20/04/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UAE-UK Sovereign Investment Partnership
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Department for International Trade’s announcement of 24 March 2021 on the Sovereign Investment Partnership between the UK and the United Arab Emirates, if he will make an assessment of the potential effect of that partnership on tax incentives for (a) businesses and (b) investors in the Tees Freeport.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	184439
answer	answer is ministerial correction date of answer 26/04/2021 answer text <p>The Government has developed an attractive and ambitious policy offer for freeports, including tax reliefs, which it is working to introduce as soon as possible.</p><p> </p><p>The Treasury welcomes the Sovereign Investment Partnership announced by DIT and the benefits it will bring to places like Tees.</p><p> </p><p>The precise impacts in freeports will ultimately depend on individual businesses and investors, and MHCLG are currently working with each of the announced freeports to agree their plans.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 26/04/2021 15:04:02 answering member 3991 label Biography information for Jesse Norman
tabling member	4122 label Biography information for Alex Cunningham

1310564

registered interest
date	20/04/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freeports: Tees Valley
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the annual cost to the public purse of reliefs granted in the Tees Freeport on (a) employers' national insurance contributions, (b) Stamp Duty Land Tax, (c) Enhanced Capital Allowance, (d) business rates and (e) Enhanced Structures Buildings Allowance to 2026.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	184440
answer	answer is ministerial correction date of answer 26/04/2021 answer text <p>The Government has considered the costs of the tax reliefs that will be granted across each of the eight English freeport locations, including the Teesside Freeport. However, as a result of these tax reliefs applying only in tax sites agreed and confirmed by Government, estimates of their cost will be dependent on the final locations once agreed.</p><p> </p><p>Bidders were required to submit initial proposals for their tax sites as part of their bids. The Government will outline the process for confirming tax sites in due course and expects to score the costs of tax reliefs at the next fiscal event. These costings will undergo the usual scrutiny from the Office for Budget Responsibility.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 26/04/2021 15:02:51 answering member 3991 label Biography information for Jesse Norman
tabling member	4122 label Biography information for Alex Cunningham

1310565

registered interest
date	20/04/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Allowances: Freeports
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Enhanced Capital Allowance scheme intended to apply within Freeport tax sites is planned to be claimable on qualifying new plant and machinery purchased outside the UK.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	184441
answer	answer is ministerial correction date of answer 26/04/2021 answer text <p>This Enhanced Capital Allowance scheme is designed to incentivise companies to invest in plant and machinery in freeport tax sites. There is no restriction specific to this scheme in respect of purchasing assets abroad. Qualifying plant and machinery purchased outside of the UK will be eligible for the Enhanced Capital Allowance for freeport tax sites. The main requirements in order to qualify for this relief are that such plant and machinery must be new, it must be primarily for use in a freeport tax site, and the relief is only available to companies within the charge to corporation tax with trading businesses or carrying on certain other activities. This Enhanced Capital Allowance will be available for qualifying expenditure incurred during the period from when the relevant freeport tax site is designated until 30 September 2026. As for other capital allowances for plant and machinery, the expenditure must be incurred by the business carrying out the qualifying activity and the plant or machinery must be owned by that company or deemed to be owned by that company under the capital allowance rules.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 26/04/2021 14:57:37 answering member 3991 label Biography information for Jesse Norman
tabling member	4122 label Biography information for Alex Cunningham