TAX relief for green freeports is to be extended for a further five years after UK and Scottish ministers reached an agreement.

The extension until 2034 will apply to Inverness and Cromarty Firth Green Freeport, the Forth Green Freeport and prospective investment zones in Glasgow City Region and the North East of Scotland.

Scottish ministers have backed the plans, which were announced by Chancellor Jeremy Hunt in his spring Budget after they were first set out in the UK Government’s autumn statement.

Green freeport status offers special tax incentives and lower tariffs around ports, with the aim of stimulating economic growth.

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Inverness and Cromarty Firth Green Freeport and Forth Green Freeport were announced as Scotland’s two winning bids in January last year through the scheme agreed by the Scottish and UK Governments.

Deputy First Minister Shona Robison said: “I am pleased that Scottish and UK Ministers have reached agreement on extending the tax reliefs window for green freeports from 2029 to 2034.

“We strongly support firm joint action to ensure that the green freeports and prospective investment zones – and the landowners and businesses operating within them – all live up to a clear set of policy commitments, particularly in relation to our just transition to net zero and fair work principles.

“We continue to work constructively with the UK Government and the Inverness and Cromarty Firth Green Freeport consortium to get the project up and running as quickly as possible and ensure it has maximum positive impact for businesses, communities and Scotland’s wider economy.”