Craig Robertson
From the 1st of January 2021, the UK will apply a UK-specific tariff to imported goods. The UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until the 31st of December 2020.
The UKGT will apply to all goods imported into the UK unless:
- An exception applies, such as a relief or tariff suspension.
- The goods come from countries that are part of the Generalised Scheme of Preferences.
- The country you are importing from has a trade agreement with the UK.
It only shows the tariffs that will be applied to goods at the border when they are imported into the UK. It does not cover other import duties, such as VAT or the precise details of trade remedy measures, such as anti-dumping, countervailing and safeguards.
VAT CHANGES
VAT will be levied on consignments of EU goods exceeding £135 in value following the same rates and structures as are applied for the Rest of the World imports. VAT-registered importers will be able to use postponed VAT accounting and different rules will apply to consignments valued less than £135. You can check the trade tariffs by clicking here.