James Caldecourt, Amanda Tickel and Caroline Barraclough (Deloitte) discuss how the UK is implementing an independent trade policy against a backdrop of Brexit, Covid-19 and a global trading system under increasing strain.
The decision to leave the European Union in 2016 marked the most significant change in British economic and foreign policy in over half a century. The impact has been felt by virtually every business trading from or with the UK.
UK trade environment
Tax professionals are becoming familiar with the UK’s independent trade policy. Notably the UK global tariff (UKGT) was introduced from 1 January 2021 replacing the EU’s common external tariff (CET). Import duty under UKGT is expressed in pounds rather than euros and rates are on average lower than the CET. Around 6 000 tariff lines have been simplified by rounding rates of duty to standardised percentages and eliminating all rates...
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James Caldecourt, Amanda Tickel and Caroline Barraclough (Deloitte) discuss how the UK is implementing an independent trade policy against a backdrop of Brexit, Covid-19 and a global trading system under increasing strain.
The decision to leave the European Union in 2016 marked the most significant change in British economic and foreign policy in over half a century. The impact has been felt by virtually every business trading from or with the UK.
UK trade environment
Tax professionals are becoming familiar with the UK’s independent trade policy. Notably the UK global tariff (UKGT) was introduced from 1 January 2021 replacing the EU’s common external tariff (CET). Import duty under UKGT is expressed in pounds rather than euros and rates are on average lower than the CET. Around 6 000 tariff lines have been simplified by rounding rates of duty to standardised percentages and eliminating all rates...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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