Successful Equity Investment Round Drives Road Bike to Market
January 21, 2021
Businesses exporting to the European Union need to understand how “Rules of Origin” work to benefit from the UK-EU Free Trade Agreement, as many goods and services exported to the EU will remain tariff-free, providing these rules are met.
The Rules of Origin establish the country of origin of imported and exported goods and help identify those which qualify for lower or nil Customs Duty.
Under the terms of the Free Trade Agreement, some products built in the UK may still qualify for tariff-free trade even if parts of that product have been imported from outside the UK or EU.
For example, a car assembled in the UK could be exported to the EU tariff-free, even if a proportion of its components had been imported from the rest of the world.
UK businesses have been given a one year’s grace period on certifying the origin of goods, however exporters should take time to understand the requirements still and keep accurate records.
For help and advice with related matters, please get in touch with our team today.