Import Duty - What is the Import Duty?
Definition: Import Duty is a tax charged on the importation of goods produced outside the European Union (EU).
The Import Duty is payable on items from countries based outside the European Union, which exceed a certain value. The import duty amount will differ, depending on whether you are bringing the goods in yourself (since you are allowed a “Duty Free” allowance) or if they are being shipped by post.
This type of tax is charged as a percentage of the goods' total value. It is based on the GBP equivalent of the price paid in the country the goods came from.
There is a different code for each kind of product that can be imported, and this is called a “commodity code”. Each code has a set percentage for calculating the charge.
There are approximately 14,000 commodity codes, and the rate varies from country to country. For more information on Import Duty, consult the HMRC website.