HMRC updates impact landed cost calculations for automotive parts.
HMRC has released updated guidance on "Rules of Origin" for goods trading between Canada and the UK, effective for the 2026 fiscal year. These changes specifically impact the calculation of landed costs for automotive and machinery parts.
Under the new terms, importers must provide enhanced evidence of origin to qualify for preferential tariff rates. Failure to properly document supply chain provenance could result in a retrospective tariff application of 10%.
Unicorn Currencies advises all clients importing machinery components to audit their supplier documentation before the Q2 filing deadline to ensure compliance with the new FINTRAC and HMRC reporting standards.
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