Expansion of VAT Exemption for Feminine Hygiene Products

In the dawn of January 2024, the prevailing zero rate relief on feminine hygiene products for women was broadened to encompass reusable period underwear, subject to specific criteria for eligibility.

REULA – Finance Act 2024

As of 1st January 2024, the construal of VAT and excise laws experiences an alteration owing to the Retained EU Law (Revocation and Reform) Act 2023 (REULA). This act puts an end to the supremacy and distinctiveness accorded to retained EU law, affirming that UK statutes governing VAT and excise can no longer be rendered void on grounds of inconsistency with retained EU law.

Customs Duty Exemption Scheme

January 2024 witnessed an augmentation in the maximum value of duties eligible for exemption over three fiscal years for goods at risk moving into Northern Ireland, soaring from €275,000 (~£235,000) to €200,000 (~£170,000).

Inauguration of the First Windsor Framework Milestone

Commencing from 31st January, commodities traversing directly from Ireland to Great Britain find themselves under the purview of the complete customs regimen.

Similarly, from the same date, alterations in health certification requisites were implemented for medium-risk animal products, plants, plant products, and high-risk non-animal food and feed originating from the EU.

These reforms denote the inaugural significant milestone in establishing a comprehensive “green lane” between Great Britain and Northern Ireland.

Cross-Border Electronic Payment Services (CBEP)

CBEP emerges as a fresh EU regulation that came into effect on 1st January 2024, with initial submissions due by 30th April 2024. It dictates that Payment Service Providers (PSPs) disclose payment transactions involving a payer situated within the EU and a payee domiciled in another country, whether within or beyond the EU borders.

Carbon Border Adjustment Mechanism (CBAM) in the EU and UK

For the interval spanning from 1st October 2023 to 31st December 2023, enterprises engaged in imports into the EU must ascertain and document the carbon emissions associated with their merchandise. Quarterly reporting is obligatory, with the maiden reporting deadline falling on 31st January 2024.

The administration has outlined intentions to institute a UK CBAM from 1st January 2027. This levy will be applicable under specific conditions to pertinent imports in the aluminium, cement, ceramics, fertiliser, glass, hydrogen, and iron and steel sectors.