UK News

Asset Publisher

Brexit news: Change of direction on DDA

The UK Government ramps up preparations for the end of the Brexit Transition Period.

We are pleased to advise you that the original intention of the UK Government to withdraw the accounts of non-UK established Duty Deferment Account (DDA) holders with effect from 1 January 2021 has been reversed. This means that all non-UK established Duty Deferment Account (DDA) holders will now be able to continue to use their accounts.

In addition, the UK Government has also announced that it will accept new applications from non-EU established organisations to open a Duty Deferment Account (DDA), providing they have a Direct Debit set up in the UK with a bank that has a UK arm to pay HMRC.

However, they will not be able to take advantage of the UK Government’s policy for UK established traders where for DDAs up to GBP 10,000 per month you do not need a financial guarantee. Non-established traders will need a financial guarantee to support their application.