Plymouth and South Devon (PASD) Freeport benefits from a range of customs measures, allowing imports to enter its custom sites with simplified customs documentation and delayed payment of tariffs if selling on to the UK market or zero tariffs if selling overseas.
Freeport customs sites are outside UK customs boundaries. This means that goods brought into the PASD Freeport customs sites are conceptually still ‘off shore’. This has a number of benefits if you set up a customs site:
- Tariff exemption – goods brought into a Freeport customs site can be processed and re-exported without the expense of formally importing them into the UK
- Tariff suspension – goods can be brought into a Freeport customs site and stored in suspense without paying duty to maximise inventory flexibility and cashflow benefit
- Tariff inversion – goods assembled in a Freeport customs site and subsequently imported into the UK only attract the tariff associated with either the raw materials OR the finished product depending on whichever is lower (this choice is not allowed in some specific circumstances please contact HMRC for further details)
- Businesses operating within Freeport customs sites will also have access to simplified customs arrangements
- Freeport customs benefits reduce costs and make more efficient use of working capital to allow faster growth and more employment.
The Freeport is now working strategically with key alliances and trade associations to bring on more customs sites within the Freeport’s Outer Boundary, and, as a result two businesses have already submitted their initial applications to HMRC.
Full details of the Freeport’s customs offer and how the team can support your business through the process can be found below, or by emailing info@pasdfreeport.com FAO Ian Cooper with ‘Customs Enquiries’ in the subject line.
Find out more here at the Plymouth and South Devon Freeport website.
