{"id":1320,"date":"2021-05-25T00:00:00","date_gmt":"2021-05-25T00:00:00","guid":{"rendered":"https:\/\/slacc.co.uk\/index.php\/new-tariff-suspension-scheme-for-the-uk\/"},"modified":"2021-05-25T00:00:00","modified_gmt":"2021-05-25T00:00:00","slug":"new-tariff-suspension-scheme-for-the-uk","status":"publish","type":"post","link":"https:\/\/slacc.co.uk\/index.php\/new-tariff-suspension-scheme-for-the-uk\/","title":{"rendered":"New tariff suspension scheme for the UK"},"content":{"rendered":"<p>To reduce costs for UK firms that import certain goods from abroad, the Department for International Trade (DIT) has announced a new tariff suspension scheme. The aim, according to a recent press release, is designed to make UK companies more competitive.<\/p>\n<p>The published details of the scheme are reproduced below:<\/p>\n<p><em>From next month, firms based in the UK or Crown Dependencies will be able to apply for duties on goods they import to be temporarily reduced or withdrawn. Once a suspension has been introduced, all UK importers will be able to benefit from the reduced rate.<\/em><\/p>\n<p><em>The new scheme will allocate suspensions based on the needs of firms in the UK and the wider economy, on any import that satisfies the selection criteria <\/em><a href=\"https:\/\/www.gov.uk\/guidance\/duty-suspensions-and-tariff-quotas\"><em>set out on GOV.UK<\/em><\/a><em>.<\/em><\/p>\n<p><em>In recognition of the challenges surrounding the Covid-19 pandemic, existing duty suspensions that the government rolled over from the EU will be extended beyond 31 December 2021 to ensure business certainty.<\/em><\/p>\n<p><em>Businesses will be able to apply from June 1 and the suspensions are expected to apply from early 2022. <\/em><\/p>\n<p>The government are no doubt concerned by inflationary pressures building in the UK economy as demand-led activity starts to boost output.<\/p>\n<p>There must also be supply-side pressures as industry starts to assess the financial impact of EU tariffs following our exit from the EU.<\/p>\n<p>Nevertheless, this intervention is welcomed and readers whose businesses have incurred additional import costs following Brexit would be wise to follow the DIT announcements published on the gov.uk site.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>To reduce costs for UK firms that import certain goods from abroad, the Department for International Trade (DIT) has announced a new tariff suspension scheme. The aim, according to a recent press release, is designed to make UK companies more competitive. The published details of the scheme are reproduced below: From next month, firms based [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-1320","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1320"}],"version-history":[{"count":0,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1320\/revisions"}],"wp:attachment":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}