Draft Tariff published by HM Gov in the event of a ‘No Deal’ Brexit
The Government has released a series of important documents this morning relative to the UK leaving the EU at 23:00 on 29 March in a “No Deal” scenario.
From BIFA’s perspective the most important document is a draft version of The Tariff which can be viewed by clicking on the following link. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/785554/Tariff_Reference_Document_12_March_2019.pdf.
This document contains the legal classification and import rate for products being imported into the UK. The Customs Tariff (Establishment) Regulations give effect to this document. As the document states “The purpose of the Statutory Instrument is to establish a UK customs tariff. The tariff classifies goods and it contains the rules for determining the correct amount of duty applicable to these goods. The regulation establishes a tariff by reference to the Tariff of the United Kingdom document.”
In addition there were other important documents released this morning including an Authorised Reliefs documents which can be viewed here https://www.gov.uk/government/publications/reliefs-from-import-duty-on-goods-brought-into-the-united-kingdom?utm_source=ec0392ab-7ca5-45d4-b66e-aaa5de94774d&utm_medium=email&utm_campaign=govuk-notifications&utm_content=daily, and also here https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/785426/20190305__AU_Reliefs_rates_document_FINAL_.pdf
It must be emphasised that these Statutory Instruments only become applicable should the UK leave the EU without securing a deal, i.e. in a “No Deal” scenario.