The government is developing a new UK ‘most favoured nation’ (MFN) tariff schedule which will enter into force on 1 January 2021.
This will be a bespoke regime known as the UK global tariff (UKGT) and will replace the EU’s common external tariff which is currently applied on imports into the UK.
To inform the development of this regime, the department for international trade is consulting until 5 March on a series of potential amendments as the UK moves away from the EU’s common external tariff. These are:
simplifying and tailoring the tariff by removing so-called ‘nuisance tariffs’ of less than 2.5% and rounding tariffs down to the nearest 2.5%, 5% or 10% band;
removing tariffs on key inputs to production; and
removing tariffs where the UK has zero or limited domestic production.
Plans for a temporary tariff regime, first announced in March 2019 to apply in the event of a no-deal Brexit, have now been withdrawn.
The government is developing a new UK ‘most favoured nation’ (MFN) tariff schedule which will enter into force on 1 January 2021.
This will be a bespoke regime known as the UK global tariff (UKGT) and will replace the EU’s common external tariff which is currently applied on imports into the UK.
To inform the development of this regime, the department for international trade is consulting until 5 March on a series of potential amendments as the UK moves away from the EU’s common external tariff. These are:
simplifying and tailoring the tariff by removing so-called ‘nuisance tariffs’ of less than 2.5% and rounding tariffs down to the nearest 2.5%, 5% or 10% band;
removing tariffs on key inputs to production; and
removing tariffs where the UK has zero or limited domestic production.
Plans for a temporary tariff regime, first announced in March 2019 to apply in the event of a no-deal Brexit, have now been withdrawn.
