Measure
This measure will remove tariffs on over 100 goods for a period of two years. This will include tariffs as high as 18% on goods ranging from aluminium frames used by UK bicycle manufacturers to ingredients used by UK food producers.
This measure also includes additional sanctions implemented on selected imports originating in Russia and Belarus.
Businesses engaged in the import of goods covered by the newly introduced tariff suspensions, as well as businesses importing goods of Russian and/or Belarussian origin not yet covered by current sanctions.
No date has been specifically announced within the Autumn Statement, although it is possible that the measure will be introduced with the January 2023 amendments to the UK Trade Tariff.
Tariff suspensions are designed to help UK businesses remain competitive in an ever-global market. Although the full list of goods covered under this measure is yet to be announced, this will be welcomed by UK manufacturers as an opportunity to reduce duty liabilities on the import of certain material products.
The expansion of the 35% additional duty tariff on goods originating in Russia and Belarus will substantially increase duty liability for any business engaged in the import goods covered under this measure. The full list of goods covered by the expansion of this measure is yet to be released.