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HMRC Update

UK Global Tariff backs UK businesses and consumers

 

The Government has announced on 19th May the UK’s new MFN tariff regime, the UK Global Tariff (UKGT). This will replace the EU’s Common External Tariff on 1 January 2021 at the end of the Transition Period.

 

The official information from HMRC you can find here.

 

The UK has said that about 6,000 of the commodity codes have been removed and other rates have been reduced, “liberalised” or simplified. The Global UK tariff post 1 Jan 2021 19 May 2020 edition in Excel version can be found here.

 

The above information was kindly provided by Ruth Corkin from The VAT Practitioners Group (UK), contact: Ruth.Corkin@hhllp.co.uk.

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Disclaimer:  The information contained in the present page is general and does not constitute legal advice. Before taking any decision or action on the above information you should take the appropriate professional advice.