The UK has left the EU. The transition period will end on 31 December this year and the UK will leave the single market and customs union. Businesses should take action now to start preparing for new trading rules which will be in effect from January 2021. Here’s what you need to know if your business imports goods from overseas. What is the UK Global Tariff (UKGT)? The UKGT is the UK’s independent ‘Most Favoured Nation’ tariff. This is a schedule of taxes to be paid on goods imported into the UK from January 2021. The UKGT will replace the EU’s Common External Tariff. The UKGT will not apply to goods imported from a country that the UK has a trade deal with, a country that is part of the
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