Businesses will be given tax relief when buying or leasing non-residential buildings or land within Scotland’s two green freeports.
The proposed Land and Buildings Transaction Tax (LBTT) relief will be available in certain areas within the freeports at Cromarty Firth and the Firth of Forth.
Public Finance Minister Tom Arthur said: “By giving this relief, we are supporting the expansion of businesses, helping drive job creation and creating internationally competitive areas.
“The change will offer an incentive to businesses to invest in these underdeveloped areas, in line with the Scottish Government’s objectives to help them meet their economic potential.”
The draft legislation has now been published, following a Scottish Government consultation on the plans.
Subject to Parliament’s approval, the relief would be available from 1 October.
The freeports are expected to be operational later this year, after being jointly announced by the Scottish and UK governments in January, following a lengthy selection process.
The new tax relief will be one of a package of incentives available in the sites, which are underdeveloped areas located in the wider freeport boundaries.
The Scottish Government will also fund local authorities choosing to offer non-domestic rates relief for certain properties or property improvements within the tax sites for up to five years.
This is alongside UK Government support of up to £52m in start-up funding, and areas such as employer National Insurance relief and customs easements.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
