| Freeport Felixstowe! (n/t) 13:23 - Mar 3 with 3165 views | Lord_Lucan |
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| Freeport Felixstowe! (n/t) on 13:40 - Mar 3 with 2843 views | BlueBadger |
Hurrah! We're a tax haven! |  |
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| Freeport Felixstowe! (n/t) on 13:41 - Mar 3 with 2824 views | footers |
| Freeport Felixstowe! (n/t) on 13:40 - Mar 3 by BlueBadger |
Hurrah! We're a tax haven! |
Indeed. Anyone who thinks freeports are a good idea should have a think again. |  |
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| Freeport Felixstowe! (n/t) on 13:47 - Mar 3 with 2769 views | chicoazul |
| Freeport Felixstowe! (n/t) on 13:41 - Mar 3 by footers |
Indeed. Anyone who thinks freeports are a good idea should have a think again. |
Tell us why they’re bad. |  |
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| Freeport Felixstowe! (n/t) on 13:48 - Mar 3 with 2765 views | Lord_Lucan |
| Freeport Felixstowe! (n/t) on 13:40 - Mar 3 by BlueBadger |
Hurrah! We're a tax haven! |
It really doesn't work like that. | |
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| Freeport Felixstowe! (n/t) on 13:54 - Mar 3 with 2721 views | bluelagos |
| Freeport Felixstowe! (n/t) on 13:47 - Mar 3 by chicoazul |
Tell us why they’re bad. |
If manufacturing moves from a tax paying area to a freeport, we would receive reduced levels of taxation.
So struggling to see why a low/no taxation area, at a time when public finances are economically fcked, makes sense tbh. |  |
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| Freeport Felixstowe! (n/t) on 13:56 - Mar 3 with 2696 views | chicoazul |
| Freeport Felixstowe! (n/t) on 13:54 - Mar 3 by bluelagos |
If manufacturing moves from a tax paying area to a freeport, we would receive reduced levels of taxation.
So struggling to see why a low/no taxation area, at a time when public finances are economically fcked, makes sense tbh. |
What if it encourages more employers to open businesses here, or existing ones to expand, therefore increasing the overall tax take and employment? | |
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| Freeport Felixstowe! (n/t) on 14:00 - Mar 3 with 2673 views | Lord_Lucan |
| Freeport Felixstowe! (n/t) on 13:56 - Mar 3 by chicoazul |
What if it encourages more employers to open businesses here, or existing ones to expand, therefore increasing the overall tax take and employment? |
taxes are also applicable once the goods move out of the freeport - providing the goods remain in the UK.
I am no expert on freeports but overall I think they could really boost certain areas of the country. Overall I think it's a good thing.
In many ways it's just a tax deferral but could really help manufacturing and exports. | |
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| Freeport Felixstowe! (n/t) on 14:01 - Mar 3 with 2668 views | bluelagos |
| Freeport Felixstowe! (n/t) on 13:56 - Mar 3 by chicoazul |
What if it encourages more employers to open businesses here, or existing ones to expand, therefore increasing the overall tax take and employment? |
Struggling to see why we think allowing business not to pay taxes, even encouraging them not to pay taxes is a sensible way forward.
You think it is. Happy to agree to disagree. | |
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| Freeport Felixstowe! (n/t) on 14:04 - Mar 3 with 2646 views | SitfcB |
Like Freeport Braintree?  |  |
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| Freeport Felixstowe! (n/t) on 14:09 - Mar 3 with 2580 views | chicoazul |
| Freeport Felixstowe! (n/t) on 14:01 - Mar 3 by bluelagos |
Struggling to see why we think allowing business not to pay taxes, even encouraging them not to pay taxes is a sensible way forward.
You think it is. Happy to agree to disagree. |
But I didn’t say I think that, at all. | |
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| Freeport Felixstowe! (n/t) on 14:25 - Mar 3 with 2500 views | ChiefXL |
| Freeport Felixstowe! (n/t) on 14:01 - Mar 3 by bluelagos |
Struggling to see why we think allowing business not to pay taxes, even encouraging them not to pay taxes is a sensible way forward.
You think it is. Happy to agree to disagree. |
That's not how a freeport works
It delays tax, it doesn't avoid tax |  | | |
| Freeport Felixstowe! (n/t) on 14:31 - Mar 3 with 2462 views | bluelagos |
| Freeport Felixstowe! (n/t) on 14:25 - Mar 3 by ChiefXL |
That's not how a freeport works
It delays tax, it doesn't avoid tax |
Won't pretend to fully understand the tax rules (Hence why I asked in another post how they work and who gains from them...)
Happy to be informed by you (or anyone else) who is happy to explain the ins/outs. | |
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| Freeport Felixstowe! (n/t) on 14:44 - Mar 3 with 2399 views | Lord_Lucan |
| Freeport Felixstowe! (n/t) on 14:31 - Mar 3 by bluelagos |
Won't pretend to fully understand the tax rules (Hence why I asked in another post how they work and who gains from them...)
Happy to be informed by you (or anyone else) who is happy to explain the ins/outs. |
First and foremost it's a stimulant which hopefully will attract expansion into certain geographical areas.
I also am no expert but if you are a manufacturer for example you will pay no immediate tariffs or vat on imported goods - however HMRC will expect to be paid once the goods leave the freeport - so it's a tax deferral. However there are other advantages such as tariff free export.
But also;
Let's say you set up a company called Lagos Motorbikes and you imported all the different parts to build these beasts. Let's say that the components required to manufacture the bikes range from import tariffs of 5% up to 50% depending on the component type. Well you won't pay these tariffs on import, and - regardless of how much the components tariffs were you will only pay the duty on the tariff of the finished machine (let's say 5%) and you only pay this once the machine is sold and has left the freeport.
There are other things that the whole thing encompasses as well but as I say I am no expert on such matters. | |
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| Freeport Felixstowe! (n/t) on 14:49 - Mar 3 with 2352 views | bluelagos |
| Freeport Felixstowe! (n/t) on 14:44 - Mar 3 by Lord_Lucan |
First and foremost it's a stimulant which hopefully will attract expansion into certain geographical areas.
I also am no expert but if you are a manufacturer for example you will pay no immediate tariffs or vat on imported goods - however HMRC will expect to be paid once the goods leave the freeport - so it's a tax deferral. However there are other advantages such as tariff free export.
But also;
Let's say you set up a company called Lagos Motorbikes and you imported all the different parts to build these beasts. Let's say that the components required to manufacture the bikes range from import tariffs of 5% up to 50% depending on the component type. Well you won't pay these tariffs on import, and - regardless of how much the components tariffs were you will only pay the duty on the tariff of the finished machine (let's say 5%) and you only pay this once the machine is sold and has left the freeport.
There are other things that the whole thing encompasses as well but as I say I am no expert on such matters. |
Cheers
Been skim reading this to partially fill my knowledge gaps. Which indicates 2 things. Firstly that the proposed Freeports are still very much WIP. Secondly that the lockdown knows no bounds in how low some of us will stoop to fill the boredom.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attac | |
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| Freeport Felixstowe! (n/t) on 14:58 - Mar 3 with 2309 views | Lord_Lucan |
It might even be worth ourselves setting up an office in Felixstowe purely to get round what is an absolute nightmare in shipping goods to Northern Ireland. | |
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| Freeport Felixstowe! (n/t) on 15:24 - Mar 3 with 2234 views | IP4_Blue |
Good as long as their is Ralph and Reiss i'll be happy! |  | | |
| Freeport Felixstowe! (n/t) on 17:11 - Mar 3 with 2012 views | Pinewoodblue |
| Freeport Felixstowe! (n/t) on 14:58 - Mar 3 by Lord_Lucan |
It might even be worth ourselves setting up an office in Felixstowe purely to get round what is an absolute nightmare in shipping goods to Northern Ireland. |
Might even get away with offices much closer to home, depends how large the freeport area is, we know it will encompass Harwich, as well as Felixstowe it certainly wont be limited to that and could include Ipswich and Tendring as a whole.
Are there not several million Sq ft of wharehouse style units currently in advanced planning all over the local area.
Edit Ipswich Star take on this, https://www.ipswichstar.co.uk/news/business/freeport-east-receives-greenlight-fr [Post edited 3 Mar 2021 17:15]
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| Freeport Felixstowe! (n/t) on 17:43 - Mar 3 with 1943 views | Lord_Lucan |
| Freeport Felixstowe! (n/t) on 17:11 - Mar 3 by Pinewoodblue |
Might even get away with offices much closer to home, depends how large the freeport area is, we know it will encompass Harwich, as well as Felixstowe it certainly wont be limited to that and could include Ipswich and Tendring as a whole.
Are there not several million Sq ft of wharehouse style units currently in advanced planning all over the local area.
Edit Ipswich Star take on this, https://www.ipswichstar.co.uk/news/business/freeport-east-receives-greenlight-fr [Post edited 3 Mar 2021 17:15]
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That would be double handy. I'll set it up in my garage. | |
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| Freeport Felixstowe! (n/t) on 17:50 - Mar 3 with 1909 views | eastangliaisblue |
| Freeport Felixstowe! (n/t) on 17:11 - Mar 3 by Pinewoodblue |
Might even get away with offices much closer to home, depends how large the freeport area is, we know it will encompass Harwich, as well as Felixstowe it certainly wont be limited to that and could include Ipswich and Tendring as a whole.
Are there not several million Sq ft of wharehouse style units currently in advanced planning all over the local area.
Edit Ipswich Star take on this, https://www.ipswichstar.co.uk/news/business/freeport-east-receives-greenlight-fr [Post edited 3 Mar 2021 17:15]
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I believe the warehouse park being planned for the outskirts of Stowmarket could be part of the Freeport too.
On a sidenote am I the only one who sees Peter Griffin every time I see a picture of Therese Coffey? [Post edited 3 Mar 2021 17:51]
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| Freeport Felixstowe! (n/t) on 17:55 - Mar 3 with 1876 views | Lord_Lucan |
| Freeport Felixstowe! (n/t) on 17:50 - Mar 3 by eastangliaisblue |
I believe the warehouse park being planned for the outskirts of Stowmarket could be part of the Freeport too.
On a sidenote am I the only one who sees Peter Griffin every time I see a picture of Therese Coffey? [Post edited 3 Mar 2021 17:51]
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Do you have to be part of a Freeport area (within an area) that incorporates warehousing or can you just set up an office and move full container loads? | |
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| Freeport Felixstowe! (n/t) on 18:04 - Mar 3 with 1850 views | eastangliaisblue |
| Freeport Felixstowe! (n/t) on 17:55 - Mar 3 by Lord_Lucan |
Do you have to be part of a Freeport area (within an area) that incorporates warehousing or can you just set up an office and move full container loads? |
All I know is businesses operating in and around the area of a Freeport can manufacture goods and benefit from it. So I assume it has scope for large areas to be part of it, as MP's from areas such as Felixstowe, Harwich, Ipswich and Stowmarket are all saying they could benefit. Some even saying that it could also reach into Norfolk. | | | |
| Freeport Felixstowe! (n/t) on 18:43 - Mar 3 with 1772 views | Pinewoodblue |
| Freeport Felixstowe! (n/t) on 18:04 - Mar 3 by eastangliaisblue |
All I know is businesses operating in and around the area of a Freeport can manufacture goods and benefit from it. So I assume it has scope for large areas to be part of it, as MP's from areas such as Felixstowe, Harwich, Ipswich and Stowmarket are all saying they could benefit. Some even saying that it could also reach into Norfolk. |
Therese Coffey is talking about Felixstowe/ Harwich freeport creating 13,500 jobs so it is going to cover a large area, | |
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| Freeport Felixstowe! (n/t) on 19:00 - Mar 3 with 1712 views | Crawfordsboot |
| Freeport Felixstowe! (n/t) on 14:01 - Mar 3 by bluelagos |
Struggling to see why we think allowing business not to pay taxes, even encouraging them not to pay taxes is a sensible way forward.
You think it is. Happy to agree to disagree. |
I don’t think it allows them not to pay taxes. It allows them to bring parts in without paying duty. They can then manufacture goods which they can export or sell on into the Uk so long as at that point they pay the duties.
This attract businesses and provides employment in the region. It also attract satellite support businesses that do not necessarily make use of the Freeport status. So they all provide employment and pay taxes. The idea is that Freeport’s help stimulate areas of low economic activity. |  | | |
| Freeport Felixstowe! (n/t) on 19:01 - Mar 3 with 1710 views | JohnTy |
| Freeport Felixstowe! (n/t) on 18:43 - Mar 3 by Pinewoodblue |
Therese Coffey is talking about Felixstowe/ Harwich freeport creating 13,500 jobs so it is going to cover a large area, |
The UK had a number of freeports until 2012 when they were abandoned. I wonder why people think they will be any more successful than they were then? |  | | |
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