Duty Suspensions allow UK businesses to remain competitive in the global marketplace by suspending import duties on unlimited quantities of certain goods used in the domestic production. Autonomous Tariff Quotas (ATQs) are also available and allow limited quantities to be imported at reduced rate of import duty. Both schemes do not apply to other taxes such as VAT or anti-dumping duties.
These suspensions are applicable to all countries under the “Most Favoured Nation” basis and goods under these schemes can be imported from any country or territory at the specified reduced tariff rate.
This is especially attractive for UK businesses who import a large number of raw materials for their production here in the UK and can save British businesses thousands of pounds.
Existing Duty Suspensions or ATQs from the EU have either been extended or carried over to the UK schemes. However, UK businesses are now able to request a duty suspension on a specific product. Applications will then be considered by the government. The 2021 window to apply for Duty Suspension will open on 1st June 2021 until 31st July 2021. For more information and to apply, please see here.
If you’d like more information or would like to talk to a member of the team about this, please contact exportbritain@gmchamber.co.uk