The government is to launch a post-Brexit tariff suspension scheme designed to help local manufacturing firms be more competitive by lowering the cost of importing raw materials that are rarely available locally.
Launching next month (June 2021), UK companies can apply for their duties on imports to be temporarily reduced – or even removed.
A similar scheme is available within the EU, however, applications from companies for tariff suspensions had to be assessed by the entire bloc. Following the UK’s departure from the European Union, the UK government can set its own tariff regime.
Minister for trade policy, Greg Hands, commented on the new scheme: “Now we have left the EU we can use suspensions to give UK firms the maximum possible benefit.”
“This suspensions scheme will be accessible to importers across the country, and those that are granted will benefit entire sectors.
“They will lower costs and help our superb producers pack even more of a punch when they compete on the global stage.”
You can apply from 1st June here.