Low income and lower middle-income countries graduate from UK trade preferences when they enter into a free trade agreement (FTA) with the UK. As set out in the explanatory memorandum (PDF, 85KB) to The Trade Preference Scheme (EU Exit) Regulations 2020, UK policy is to provide a transition period for low income and lower-middle income countries when the UK implements a new preferential trade arrangement with a country. During this transition period, a low income or lower-middle income country can either trade with the UK on the terms of the FTA or under UK trade preferences. At the end of this transition period, the country migrates to trading solely on the terms of the FTA.
Source gov.uk
Latest Posts in "United Kingdom"
- UK Court Rules HMRC Wrongly Denied Hotel Supplier’s £10.2 Million VAT Claims
- New Updates on Correcting VAT Errors: Key Changes and Guidance for Businesses
- Tribunal Rules on VAT Status of Government Grants for Free Educational Services by Colleges
- Colleges Win £2.8 Million Tax Rebates Amid VAT Rule Dispute with HMRC
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
