The UK has left the EU. The transition period will end on 31 December this year and the UK will leave the single market and customs union. Businesses should take action now to start preparing for new trading rules which will be in effect from January 2021.
Here’s what you need to know if your business imports goods from overseas.
What is the UK Global Tariff (UKGT)?
The UKGT is the UK’s independent ‘Most Favoured Nation’ tariff. This is a schedule of taxes to be paid on goods imported into the UK from January 2021. The UKGT will replace the EU’s Common External Tariff.
The UKGT will not apply to goods imported from a country that the UK has a trade deal with, a country that is part of the Generalised Scheme of Preferences or where an exception applies.
What should I do next?
- Learn more about the UK Global Tariff
- Plan ahead by looking up the tariffs you will need to pay using the tariff look up tool.
- If you import goods from the EU, learn more about the import process and border controls with the EU from January 2021.
- Visit GOV.UK/transition for more information about what you need to do to prepare for the changes coming into effect from January 2021.
You can also find information and advice about trading internationally (outside the EU) at great.gov.uk.
Source: Department for International Trade