UK LAUNCHES CONSULTATION WHILE POST-BREXIT ‘FREE PORTS’ WILL LET COMPANIES AND SUPER-RICH AVOID TAX, LABOUR WARNS

On 9 February, the Independent reported that, as HM Treasury launched a consultation on a chain of 10 freeports planned by the government, it was claimed by the Labour Party that they will be used by the super-rich to hoard assets and avoid taxes, and would allow companies to bypass regulation and minimise taxes.  Seaports and airports would be able to bid for freeport status, with successful applicants named around the end of the year and opening for business in 2021.  The Labour Party also said that there is very little solid evidence that so-called freeports create jobs or boost economic growth.

https://www.independent.co.uk/news/uk/politics/boris-johnson-free-ports-tax-trade-brexit-labour-john-mcdonnell-a9325971.html

https://www.theguardian.com/politics/2020/feb/09/uk-launches-freeports-consultation-with-aim-to-open-first-next-year

https://www.gov.uk/government/news/innovative-new-freeports-across-the-uk-as-government-lays-out-plans-to-boost-economy

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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