As Brexit is still very much still on the horizon, The UK Government are now beginning to make plans for life after the EU. They have recently brought out a new United Kingdom Global tariff (UKGT) which will apply to all goods imported into the UK.
The UKGT being put in place will replace the EU’s common external tariff however this will still apply until the 31st December 2020 until the new UK global tariff comes into play from the 1st January 2020.
UKGT will apply to all goods imported into the UK unless an exemption applies such as a relief or tariff suspension or if you are importing goods from a country that the UK has a trade agreement with.
We are aware this applies to many of our clients and connections so we felt this would be useful information to share with you to help you prepare for January 2021
Some of the Goods imported are covered by a tariff rate quota, this allows a limited amount of a product to be imported at a zero or lower tariff rate, the limit may be shown in units of:
– Weight
– Volume
– Quantity
– Value
If this limit is exceeded a higher tariff rate will be applied.
If your product has a tariff rate quota, you can apply to import a limited amount at a reduced rate of customs duty. In some cases some tariff rate quotas are only applicable to products that are imported from specified countries.
To get more information on the UKGT you can visit the governments here
If you have any recruitment enquires now or in the future then don’t hesitate to get in touch with our team here at Titan as we will be happy to assist you in any way we can.
0141 378 0180
Recent Comments