Parkside lies within the Liverpool City Region (LCR) Freeport, which is a multi-gateway, multi-modal Freeport, with Parkside being the largest designated site within the LCR Freeport, offering considerable benefits to occupiers.
Eligible businesses locating at Parkside may benefit from significant tax and custom benefits, including:
Tax Benefits
- An enhanced 10% rate of Structures and Buildings
- Allowance for new investment over life of asset (compared to standard rate of 3%).
- An enhanced capital allowance of 100% for new investment for plant and machinery expenditure.
- Full relief for Stamp Duty Land Tax for qualifying commercial property.
- Full Business Rates relief for 5 years.
- Relief from employer national insurance contributions for new employees up to £25,000 per employee for up to first three years of employment if they spend 60% or more of their time at tax site.
Customs Benefits
In addition to the tax benefits, eligible businesses could also benefit from a suite of customs benefits if approved as a Customs Site Operator (CSO):
- Tariffs & Customs Benefits.
- Duty suspension – no tariffs, import VAT or excise payable until goods enter the UK domestic market.
- Duty inversion – in some circumstances delay and reduce the payment of duties.
- Duty exemption for re-imports.
- Simplified customs procedure.
As a Freeport Tax and Customs site, Parkside provides a unique opportunity to support business growth through innovation and collaboration especially in the advanced manufacturing and logistics sectors.
Further information can be found here.
