What is a steel quota?

The quota is divided into eight quarters over two years and specifies for each goods category the amount of steel goods that may be imported free of safeguard duty in any given Quarter. The right to access the quota is granted by His Majesty’s Revenue and Customs to importers in the United Kingdom on a first-come, first-served basis.

What is a steel quota ad valorem?

Duty amount The additional amount of duty (“safeguard duty”) applicable to steel goods imported outside of the quota is 25% ad valorem. The safeguard duty is applicable to the net free-at-the-frontier price of the good (before any other amount of import duty).

Which steel goods are excluded from the Tariff Rate Quota?

All steel goods originating in a signatory country or territory are excluded from: (a) The tariff rate quota amount allocated for all other countries or territories; and (b) the application of the safeguard duty. Signatory countries or territories

When can importers use a quota allocated for steel goods?

Importers of steel goods originating in a country or territory with an exhausted quota allocation for the year may, only in Quarter 4, apply for the right to use any remaining tariff rate quota allocated for steel goods originating in “All others”. 1 July 2021 to 30 June 2022, in tonnes (t), allocated quarterly:

Who imposed tariff-rate quotas on steel goods?

Tariff-rate quotas on steel goods were imposed by the EU on behalf of the UK and the other member states. The Secretary of State for Business and Trade transitioned some of the tariff-rate quotas to continue applying in the UK after the transition period. Following a transition review, the tariff rate quotas were extended.

How are steel quotas calculated?

The total quotas for each category of steel were calculated based on the average imports from a previous three-year representative period. Countries who had imported more than 5% of the total amount of imports into the UK for a particular category of steel received their own quota.