These Regulations make amendments to two statutory instruments: the Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020 (S.I. 2020/1457); and the Customs (Tariff Quotas) (EU Exit) Regulations 2020 (S.I. 2020/1432). The primary purpose of the Regulations is to amend the Customs (Tariff Quotas) (EU Exit) Regulations 2020 to include changes to tariff quota volumes resulting from negotiations with the US under Article XXVIII of the General Agreement on Tariffs and Trade.
They also make necessary updates to the preferential import duty rates, including the related Rules of Origin requirements, in the reference documents associated with a number of the UK’s Free Trade Arrangements and other preferential trade agreements concluded with other countries or territories. The amendments being made ensure that the UK’s obligations under its trade arrangements to provide preferential import duty terms with other countries or territories continue to be given effect.
These Regulations come into force on 1 July 2021.
Source
- legislation.gov.uk
- EY Weekly VAT News – week to 14 june 2021
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