Summary

Following the June 2016 UK referendum vote to leave the EU and subsequent government invocation of Article 50 in March 2017, the UK formally left the EU on 31 January 2020 and left the Single Market and Customs Union on 31 December 2020.

The UK and EU has entered into a trade agreement, taking effect from the time of exit from the Single Market and Customs Union. All goods meeting the requirements of UK/EU origin status are entitled to claim tariff- free import.

In Practice

The EU Exit Effect

Almost 50% of the UK’s international trade is with the 27 countries of the EU (EU27).

EU Exit affects the procedures that have to be followed when buying from or selling to someone in the EU. Goods now have to be cleared by customs in the same way as exports and imports to and from the rest of the world.

Want to read more?

This content requires a Croner-i subscription.

No Subscription?

;

Contact us to discuss your requirements.

Book a demo
Call an Expert:

0800 231 5199

Talk to us on

live chat