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Author Topic: free port  (Read 1543 times)

regiment

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free port
« on: November 21, 2021, 06:03:12 pm »

on the news today a new free port   what is a free port  thanks gordon
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rnli12

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Re: free port
« Reply #1 on: November 21, 2021, 06:17:36 pm »

Hi Gordon, a few ports have designate Free Ports - plymouth is to become a Freeport unlocking million pounds of funding for the area - both with within the city’s boundaries and across wider South Devon area. Plymouth City Council led a partnership with Devon Country and South Hams District Council as well as the Heart of the South West LEP on a bid to become a freezone which would include sites at Devonport South Yard, Langage Energy Zone and Sherford Business Park.
The Plymouth and South Devon freezone would aim to create space for businesses to import goods and materials, add value to them (by manufacture), and export them and leverage Plymouth’s marine innovation strengths to attract big marine sector tech companies.  Industry giants Babcock and Princess Yachts have already backed the bid.


Its a free and open enterprise zone, commercially I am not fully aware of the benefits.


Rich
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Regards,

Rich

JimG

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Re: free port
« Reply #2 on: November 21, 2021, 07:45:11 pm »

Basically it's tax free. When they import goods they don't have to pay import tax, when they re-export them no need for extra paperwork to claim back tax. Its only when they send goods out of the port into the rest of the UK that the tax has to be paid.
Jim
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Bunkerbarge

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Re: free port
« Reply #3 on: November 21, 2021, 07:50:54 pm »

You have basically moved the international border and all its customs requirements from the coastline to the landside port boundary.  Anything on the port side of the boundary i.e. within the port area, is then technically outside the UK.
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tassie48

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Re: free port
« Reply #4 on: November 22, 2021, 01:14:37 am »

Turkey has a Freeport Shipbuilding superyachts and explorer yachts being built some Russian are building there like  Bering Yachts there Explorer vessels are very nice huge ship building area tax free about 35 percent cheaper than normal ship yards tassie48
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Klunk

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Re: free port
« Reply #5 on: November 22, 2021, 03:28:50 am »

Damn,  thought i could get a free bottle or 2 for Mayhem next year!!!!
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derekwarner

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Re: free port
« Reply #6 on: November 22, 2021, 04:37:09 am »

In Australia, we have not so similar, but sort of Bond Locations, principally for alcoholic goods    %)


So when the semi trailer loads up 50 tonnes of alcoholic beverages, and leaves the brewery/distrillary factory, it is transported to distribution location facilities and these are called the Bond Stores.......no Government or State taxes have been paid during and up until storage at the Bond


It is when the smaller 10 tonne Flat Top vehicle containing pallets of cases or boxs, or kegs leaves the Bond, that Duties are electronically payable by the Store receiving the goods at time of receipt


This scenario was from one of my Father in Laws, ......you guessed it ...a 50 tonne Truckie.........interesting point was that no NSW Police Officer had the authority to stop such a vehicle as it was termed under Bond between the Brewery an the Bond store


I was led to believe, that this all, came about in England [in Robin Hoods time] with similar Bond Stores with similar delayed Taxation duties payable??...or same as the proposed Free Ports with all sorts of other goods  O0


[What was the drink of the day?.... Mead Ale?  {-)   ...pretty sure we saw Friar Tuck demolish more than a few Jugs in each episode]

Derek 

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Derek Warner

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tonyH

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Re: free port
« Reply #7 on: November 22, 2021, 09:24:32 am »

Apparently, at least as far as Google is concerned, having goods "in bond" was proposed by Walpole in 1733 but the actual system started in the UK in 1803. I've invested in young wines from the grower in the past and kept them in bond until ready for drinking and paid the duty then. You can invest in  whisky etc. in the same way. As Derek said, the store or individual only pays the duty when it hits the display shelves or the personal cellar. Keeps the stock cost down for the winemaker/distiller and the retailer until then.
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derekwarner

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Re: free port
« Reply #8 on: November 22, 2021, 09:37:10 am »

Thanks Tony.......I had no idea that this UK registered Bond could be applied to an individual person  %) .......the temptation to uncork would be great  :-X

Just to confuse the issue, we have written confirmation that the Tax Gathers in England felt being cheated by the volume of Sherry Wine being imported into Free Ports in wooden casks called a TUN [Spanish Sherry] destined for Englands shores.....and this became a unit of measure [displacement] of a sailing vessel capable of carrying xxxxx number of casks each with the weight/volume/capacity of a TUN....& Lloyds later got into the act & a Ton of 2240 lbs became the yardstick rule

Derek......


Extract - All the River Run
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Derek Warner

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tonyH

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Re: free port
« Reply #9 on: November 22, 2021, 10:34:25 am »

The other advantage is that buying when the liquor is young and, of course assuming it's the good stuff which appreciates over the years, the sale can be free of any capital gains tax. So if you're lucky/get good advice and it happens to be a real stonker it can be a good investment. We were really lucky on one occasion with a few cases of port and Robert Parker, the US wine guru, gave it a 10/10 score AFTER we'd bought it. Rather interesting result %%
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