UK Launches New Tariff Suspension Scheme, Gives Importers a Month to File for Duty Reductions
The United Kingdom is set to implement a new tariff suspension scheme, giving importers the chance to request a drawdown or withdrawal of duties, the Department of International Trade announced in a May 20 news release. Companies in the U.K.…
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or Crown Dependencies will be able to place their requests for the next month, the release said, and once a reduction or withdrawal is granted to a single company, all U.K. importers will be able to use the new rate. The idea is to "allocate suspensions based on the needs of firms in the UK and the wider economy," the release said.