Go-ahead for Freeport tax site
(l-r) Andrew Percy, MP for Brigg & Goole; Esa Kaikkonen, CEO of Metsä Tissue; and Dominic Gibbons, managing director of Wykeland Group (Image credit: R&R Studio)
A proposed Freeport tax site in Goole, designed to stimulate further major investment within the Humber region, has secured government approval.
The tax site, which forms part of the wider Humber Freeport, spans almost 500 acres of development land across two plots, separated by the M62 motorway, on the outskirts of the East Yorkshire town.
The proposed footprint was submitted for approval in August last year[1]. The site has now been officially designated, following review and approval by the Treasury and HM Revenue & Customs.
Businesses investing within the tax site can benefit from a series of advantages, ranging from business rate and stamp duty land tax relief, to National Insurance support designed to reduce employment costs.
Humber Freeport chair Simon Bird said: “Designation of the Goole tax site is another major positive step forwards for Humber Freeport and our mission to drive economic growth, generate thousands of skilled jobs, support innovation and promote cross-sector collaboration.
“We strongly believe our freeport proposition in the Humber is a compelling and unique one, with huge opportunities in decarbonisation, advanced manufacturing, chemicals and port-related operations.
“We’re offering investors the opportunity to benefit from the Humber’s status as a global gateway, with easy access to mainland Europe and beyond via the UK’s busiest ports complex.”
Designation of the Goole tax site is set to support one of the region’s largest investments.
Property developer Wykeland Group holds the long-term development rights to the 211-acre northern part of the Goole tax site and has exchanged on a deal with Finnish tissue paper manufacturer Metsä Tissue, which is set to invest hundreds of millions of pounds to create the UK’s largest tissue paper mill on the site.
The facility is proposed to be built in several phases over the next few years. It will create more than 400 jobs, with thousands of additional indirect jobs generated across the supply chain and in the local economy.
Dominic Gibbons, managing director of Hull-based Wykeland, added: “Confirmation of freeport tax status for the Goole site is excellent news for Goole and the wider Humber.
“The freeport tax site benefits added to the attractiveness of the proposition for Metsä Tissue.
“They also underline the appeal of the wider Goole site, paving the way for further large-scale development delivering economic growth, new jobs and wide-ranging community benefits.”
References
- ^ submitted for approval in August last year (www.insidermedia.com)
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