Brexit: Temporary tariffs in the event of ‘No-Deal’
Updated: Sep 30, 2019
The Department of International Trade released a statement regarding a 12-month temporary tariff that will come in to effect if the UK leaves the EU with a ‘No-Deal’ on the 31st October.
To avoid price increases, UK businesses will not pay tariffs on 87% of imported goods. The temporary tariff change means most UK households, consumers and businesses will face no additional charges on products imported from the EU.
However, there will be a mix of new tariffs and quotas on products including:
- Finished vehicles
- Beef, lamb, pork and poultry
- Butter and some cheese
- Raw cane sugar
- Certain types of fish
Any new tariffs will only come into play when we leave the EU, and only if the UK leaves with a ‘No-Deal’ – the proposed ‘No-Deal’ tariffs will apply for 12 months after Brexit to give the government opportunity to consult with businesses and consumers on future tariffs. However, for businesses to have piece of mind they can check the temporary rates of customs duty on imports after Brexit on DIT’s website here. Please email us at email@example.com for more advice.