Updated: This fact sheet has been updated to reflect the fact that the Taxation (Cross-border Trade) Act 2018 received Royal Assent on 13 September 2018.
The Trade Bill will work together with the Taxation (Cross-border Trade) Act 2018 to put in place legal powers which are necessary in order to operate a fully functioning trade policy and set the groundwork to becoming an independent global trading nation. This will ensure the UK is ready for the first day after exiting the EU, providing necessary certainty for individuals, businesses, and international trading partners.
The Trade Bill focuses on providing continuity for businesses and consumers. It will:create powers so the UK can transition trade agreements that exist between the EU and other countries, and which we are party to while a member of the EU enable the UK to have continued access to £1.3 trillion worth of government contracts and procurement opportunities in 47 countries – by creating the powers needed for the UK to implement the Agreement on Government Procurement (GPA) as an independent member instead of as part of the EU establish a new independent UK body, the Trade Remedies Authority, to defend UK businesses against unfair trade practices ensure the UK government has the legal abilities for gathering and sharing trade information, as evidence to support UK businesses against surges in imports and unfair practices
Further tax-related elements of the UK’s trade policy have been legislated for in the Taxation (Cross-border Trade) Act 2018, as part of the creation of a new UK tariff regime.Relevant links to the Bill
The Trade White Paper establishes the principles that will guide future UK trade policy as well as laying out the practical steps that will support those aims.
Local copy of Trade_Bill_Factsheet.docx seen at 18:33, 6 December in Publications on GOV.UK.
Email this to a friend.