13 Dec 2022
The Plymouth and South Devon freeport has received final government approval.
It will now receive up to £25 million in seed funding to help boost investment and support the growth of regional businesses.
Freeports benefit from a range of measures, including tax reliefs, customs advantages, business rates retention, planning, regeneration and trade and investment support.
Tax incentives include enhanced capital allowances, relief from stamp duty land tax and employer National Insurance contributions for new employees.
Eligible new businesses moving into a freeport tax site, and some existing businesses that expand will also benefit from full business rates relief.
The approval will help accelerate the formation of advanced manufacturing clusters in marine, defence and space sectors, as well as delivering an estimated 3,500 jobs.
Dehanna Davison, Levelling Up Minister, said: 'Today is a historic day for Plymouth, South Devon and beyond, as the Plymouth and South Devon freeport gets up and running to drive growth and innovation locally and nationally.
'The freeport is going to shape the fortunes of the Plymouth and South Devon economies by pumping up to £100 million worth of investment across the region.
'We are maximising the opportunities of Brexit to drive growth and throw our doors open to the world.'