UK has published its future import tariffs

Post Brexit

On 19 May 2020, the UK has published a list of its tariffs that will be applicable after the transition period, which is currently scheduled to be on 1 January 2021. The tariffs and import duty rates will be applicable on goods imported into the UK, except in the situation that the goods originate from a country the UK has a Free Trade Arrangement with and the criteria mentioned in the arrangement are met. The UK and the EU are currently negotiating a Free Trade Agreement with the aim to reach an agreement before the end of this year.
The UK has already signed Free Trade Agreements (FTA) with various other countries or territories. For example, Switzerland and the UK have already agreed on a new Trade Agreement (and other agreements on air traffic, insurance, transport, citizens’ rights) based on its 'mind the gap strategy'.

This means that basically the same rules and preferential duty rates will be applied after the end of the transition period as currently applicable related to the FTA between Switzerland and the EU. You can find additional information via the following pages of the UK tax authorities and Swiss tax authorities.

Changes to the tariffs

The UK has used the existing EU tariff as the basis for its post Brexit tariff, but has made some noteworthy changes, such as:

• Elimination of customs duties on products important for the UK industry (such as copper alloy tubes and screws and bolts) as well as certain consumer products;

• Rounding of duty rates (4,5% becomes 4%);

• Elimination of 'nuisance' tariffs (all tariffs below 2%);

• Elimination of additional duties like meursing duties.

In total around 60% of all tariffs will be eliminated. However, relatively high tariffs on important UK industries (such as the automotive and the agricultural industry) will remain in place. The UK tariff can be accessed via this link.