Market leading insight for tax experts
View online issue

UK trade preferences scheme

printer Mail

The Department for International Trade (DIT) is consulting (until 12 September 2021) on proposed changes to the UK trade preference scheme which reduces or removes import tariffs for 70 developing countries. The existing Generalised Scheme of Preferences (GSP) took effect from 1 January 2021 and largely replicated the EU scheme. The DIT now wants to hear views on:

  • simplifying the rules of origin requirements for least developed countries, which currently obtain duty and quota-free access for all products other than arms and ammunition;
  • simplifying and reducing tariffs for low income and lower-middle income countries in the enhanced and general frameworks;
  • the approach to goods graduation, which suspends reduced rates on some goods in the general framework; and
  • reassessing some of the conditions and reporting requirements in all three frameworks.

The new UK preferences scheme (the ‘developing countries trading scheme’) will take effect in 2022.

Issue: 1541
Categories: News