Pre-loader
Log In Register
August 24, 2021, admin

UK Global Tariff (UKGT) | CUSTOMS ACRONYMS & GLOSSARY

Introduction

UKGT applies to any goods imported into the UK from countries which the UK does not have a Free Trade Agreement in place, and which are not covered by any other specific exemption i.e. a tariff suspension.

UKGT is a new regime that has been developed to meet the needs of the UK economy, making it easier and cheaper for UK businesses to import goods from overseas, with a reduced administrative burden. as well as lower, simpler and more streamlined tariff rates.

Enhancements

The UKGT encourages international imports. Tariffs have been removed on products that the UK does not produce or does not produce much of such as olives and freezers. Removing these tariffs makes it easier to export these goods to the UK. The UKGT also reduces cost pressures on exports to the UK, through the lower tariffs that are levied when they arrive into the UK as imports.

Features

The UKGT allows the UK to expand its trading relationships through bold trade deals with partner countries.

There are 9,500 products to which the UKGT applies and around 2,500 products are tariff free. Under the UKGT, the average customs duty tariff rate have been reduced from 7% to 6%.

Importing goods covered by a tariff-rate quota (TRQ)

If there’s a TRQ for your product, you can apply to import a limited amount at a zero or reduced rate of customs duty.  If this limit is exceeded, a higher tariff rate applies. Some tariff-rate quotas are only applicable to products imported from a specified country.

We value your feedback, and if you have any comments, suggestions or anything else that you would like to highlight to us, we will be delighted to hear from you and incorporate your feedback into our content.

Note: While we have made every attempt to ensure that the information contained in this Site has been obtained from reliable sources, Customs Declarations UK is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this Site is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Nothing herein shall to any extent substitute for the independent investigations and the sound technical and business judgment of the reader. In no event will Customs Declarations UK, or its partners, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information in this Site or for any consequential, special or similar damages, even if advised of the possibility of such damages. Certain links in this Site connect to other Web Sites maintained by third parties over whom Customs Declarations UK has no control. Customs Declarations UK makes no representations as to the accuracy or any other aspect of information contained in other Web Sites.

Content Source: HMRC , GOV.UK