Jonathan Main (MHA Moore and Smalley) explains the new rules of origin that underpin the free trade agreement between the UK and the EU.
Why do the rules matter?
As readers will know the UK left the EU customs union and single market when the transition period ended on 31 December 2020. Just ahead of the end of the transition period the UK and the EU agreed the terms of a bilateral free trade agreement contained in the Trade and Cooperation Agreement (TCA).
A bilateral free trade agreement allows two parties to trade on preferential terms but only if the goods satisfy the rules of origin agreed between the parties. These rules are contained in the TCA and are summarised below.
What do they mean?
There are three ways in which products can satisfy the rules of origin agreed between the UK and EU:
they are...
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Jonathan Main (MHA Moore and Smalley) explains the new rules of origin that underpin the free trade agreement between the UK and the EU.
Why do the rules matter?
As readers will know the UK left the EU customs union and single market when the transition period ended on 31 December 2020. Just ahead of the end of the transition period the UK and the EU agreed the terms of a bilateral free trade agreement contained in the Trade and Cooperation Agreement (TCA).
A bilateral free trade agreement allows two parties to trade on preferential terms but only if the goods satisfy the rules of origin agreed between the parties. These rules are contained in the TCA and are summarised below.
What do they mean?
There are three ways in which products can satisfy the rules of origin agreed between the UK and EU:
they are...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
