The UK government confirmed this week that East Midlands Airport, Felixstowe, Humber, Liverpool, Plymouth, Solent, Teesside and Thames have been awarded ‘freeport’ status. This is great news for importers especially those with high value products.
Goods that arrive into freeports aren’t subject to tariffs, with taxes only paid if the goods then leave. This is great news for our customers looking to sell goods through a fulfilment service. It’s also one option for handling the movement through the UK ports for delivery into the EU for trade shows, sports events, or tours for example.
EwePack already has Customs Bonded warehousing in Suffolk. If importers are considering their future delivery methods, we can hold bulk products in a tax-free warehouse and apply taxes to the goods when they are sold/exported. This means you pay taxes when the goods are sold, not imported. Of course, if the goods are shipped to another country (such as the EU), you will only pay the taxes in the destination country, not additionally in the UK.
We are expecting other benefits of the Freeports in the UK and we will seize on any arising opportunities. This announcement shows our government intention to remain a hub and spoke location as part of its Global Britain drive.