To boost the economy as part of the government's "levelling up" strategy, and "unlock billions" in investment, trade and jobs, the Chancellor, Rishi Sunak, announced the creation of eight new post-Brexit freeports around the UK, including a Thames freeport combining London Gateway and Tilbury ports.

Businesses located within the freeports will benefit from tax breaks, lower tariffs and customs obligations and reduced bureaucracy. The zones will not be limited to the port area and could stretch as far as 25 miles linking with other areas in new designated “tax sites”. 

This raises an interesting point about whether UK resident non-doms can remit funds and/or assets from abroad to be held by fiduciaries within a freeport zone, without triggering a taxable remittance in the UK. The creation of the freeports is at an early stage and it is not yet clear whether this would be permitted in order to facilitate the flow of foreign capital into the UK, but for non-doms and their advisers, it is an angle worth keeping an eye on.  

It  is also worth remembering that this year we have a "Tax Day" on 23 March, when the Chancellor will lay out new tax consultations and calls for evidence, and it is entirely possible that this will be used to introduce proposals for policy changes in respect of the capital taxes. The tax "freezes" announced on Budget Day may well be just the tip of the iceberg.