Extracts from Parliamentary Proceedings: Freeports - June 8
Wednesday, 9 June 2021 08:35
Extract from Lords Private Notice Question on G7 Global Tax
Agreement Baroness Noakes (Con): My Lords, a lot of the attention
has been on the minimum tax rate announced as part of the
agreement—I hope the Government will not be tempted to go above the
15%—but more important than the rate is what will be taxed. Does
the Minister agree that the UK must not allow global rules to
override our freedoms to incentivise investment through things such
as Freeports and super-deductions? Baroness...Request free trial
Extract from Lords
Private Notice Question on G7 Global Tax Agreement
(Con):
My Lords, a lot of the attention has been on the minimum tax
rate announced as part of the agreement—I hope the Government will
not be tempted to go above the 15%—but more important than the rate
is what will be taxed. Does the Minister agree that the UK must not
allow global rules to override our freedoms to incentivise
investment through things such as Freeports and
super-deductions?
(Con):
I reassure my noble friend that the UK Government’s
Freeports will not be affected by
this announcement. Freeports are not about
corporation tax directly but are designed to support a wide range
of businesses with a wide range of tax offers focused on local
regeneration, such as full relief from SDLT, enhanced capital and
building allowances, business rates relief and NICs relief...
To read all the exchanges, CLICK
HERE
Extracts from Westminster
Hall debate on Community Renewal Fund and Levelling Up Fund in
Wales
(Bridgend) (Con):...I draw the attention of Labour
Members who said that they feel a greater role for the Welsh
Government is needed to what is happening in Wales about
Freeports It is a classic example
of where the two Governments are supposed to be working together to
deliver that fantastic initiative in Wales, yet we are well behind
our counterparts in England because the Welsh Government cannot
seem to come to the table to talk about basics. They say they want
a greater role in the levelling-up fund and the community renewal
fund, but how can they ask for that when they have so badly let
down the communities across Wales when it comes to implementing the
UK Government’s Freeports policy?
(Merthyr Tydfil and Rhymney) (Lab):...The hon.
Member for Bridgend (Dr Wallis) talked about Freeports and projects that we
would like to see go forward. However, I gently ask him to compare
the level of money provided in England—the £25 million or
thereabouts—with the £8 million that is offered for the same
projects in Wales, and then question why there are barriers to
those projects going forward in Wales...
To read the whole debate, CLICK
HERE
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