Inverness & Cromarty Firth Green Freeport welcomes “critical milestone”
Establishment of Tax Sites welcomed as a ‘critical milestone’ for Inverness and Cromarty Firth Green Freeport
Today (Monday April 8) marks the conclusion of the UK legislative process confirming the establishment of Special Tax Sites for Inverness and Cromarty Firth Green Freeport (ICFGF). This is the culmination of over four years of work and has been welcomed by the organisation’s Chief Executive, Calum MacPherson.
Mr MacPherson said the move would make the Scottish Highlands a focus of attention from the renewable energy industry around the world, helping bring transformational and lasting benefits to the region.
ICFGF has forecast activity attributable to Green Freeport status at the Tax Sites will lead to the creation of more than 10,000 jobs in the Highlands and Islands and attract over £3billion of fresh investment.
The legislation passed at Westminster, and the corresponding legislation in Holyrood, means operators and business at locations totalling around 520 hectares will be able to benefit from a package of tax benefits and other incentives. The sites include areas on the shores of the Cromarty Firth, in Inverness and at Ardersier.
Mr MacPherson said: “Today’s announcement is a critical milestone in the journey towards the establishment of the Inverness and Cromarty Firth Green Freeport. Coupled with the confirmation in last month’s Budget that tax site status has been extended from 5 to 10 years, it is fantastic news for the Highlands and Islands, Scotland and the wider UK.
“Together, our Tax Sites, totalling around 520 hectares, amount, to the largest green engineering development site in the UK. The incentives available will attract world-wide interest and help realise the region’s potential to become the largest European hub for the development of the offshore wind industry and associated renewable energy technologies.
“Although the Green Freeport has only just gained tax site status, it has already been helping make our area the focus of attention for the international renewables industry. It was a key factor in Japanese company Sumitomo’s recently announced plans to develop a cable manufacturing facility at Nigg, in Easter Ross.”
Mr MacPherson continued: “There are currently 20 offshore wind farm developments, representing a combined investment of almost £30bn, being planned, with many of them close to the east coast of the Highlands. Green Freeport status for the area, which has been supported from the outset by the green energy industry, gives us the opportunity to maximise the lasting benefit to the region from that unprecedented opportunity.
“The Highlands and Islands are a focal point for the UK’s transition to renewable energy and the drive towards net-zero. ICFGF’s overarching aspiration is realising the job creation potential of the Green Freeport initiative, not only to halt the decline of the working-age population in our region, but to reverse the trend, while also creating fair pay employment opportunities in other parts of Scotland and the UK.”
The Green Freeport’s Outline Business Case was approved by the Scottish and UK governments in April. The document set out the initiative’s potential to create more than 10,000 new jobs and ICFGF is confident levels of job creation can go further still with broader initiatives connected with the growth of green energy in the area.
Whilst today means the tax benefits within the tax sites become live, a Final Business Case submission is still required and is currently being completed. This is expected to be presented to The Highland Council, as Accountable Body, in the coming weeks. It will then be submitted to the Scottish and UK Governments.
Inverness & Cromarty Firth Green Freeport open for business – UK Freeports
