Tariff schedule gives UK businesses two-week window for no deal Brexit planning

Commenting on the publication today of the UK's temporary tariff regime to apply in the event of a no deal Brexit, Brad Ashton, Customs and International Trade partner at RSM UK said:

'Currently around 80 per cent of imported goods are tariff-free so this temporary scheme under which 87 per cent of imports by value would be eligible for tariff-free access represents a relatively modest increase, but different sectors will be impacted in different ways.

'Some tariffs and quotas will apply on meat and dairy goods to protect farmers and food producers, while tariffs on motor vehicles will remain in order to support the UK's automotive sector.

'What the publication of this tariff schedule does mean is that UK importers and exporters can now for the first time plan properly for a no deal Brexit scenario – although there is only a very short window of opportunity in which to do so.

'Some sectors will be particularly badly hit with some UK-based distributors facing a significant rise in costs.

'Importers and exporters should now take urgent steps to analyse the potential impact of these new tariff arrangements and consider any mitigations. These may involve the use of customs warehouses for incoming goods being shipped to EU countries or taking advantage of the opportunities available under the inward processing regime.'