Written question asked by Helen Morgan (Liberal Democrat) on Friday, 2 September 2022, in the House of Commons. It was due for an answer on Wednesday, 7 September 2022 (named day). It was answered by Lia Nici (Conservative) on Wednesday, 7 September 2022 on behalf of the Department for Levelling Up, Housing and Communities.

Freeports: Business Rates

Question: To ask the Secretary of State for Levelling Up, Housing and Communities, whether his Department plans to reimburse local authorities that experience reduced business rates income following the establishment of freeports.

Answer: Through a generous package of incentives, Freeports will unlock private investment and catalyse job creation within their regions. As part of this package, full business rates relief will be available to eligible business in Freeport tax sites in England, once designated. Relief will be available to all new businesses, and certain existing businesses where they expand, until 30 September 2026. The government will, in line with the eligibility criteria set out in the business rates relief: local authority guidance , reimburse local authorities that use their discretionary relief powers under section 47 of the Local Government Finance Act 1988 (as amended), to grant this relief. Local authorities will also retain business rate growth on Freeport tax sites above an agreed baseline over a 25-year period, empowering them to invest in local economic priorities.

Secondary information