Financial Regulation

The Financial Conduct Authority (FCA) (the financial services regulator) have published information, giving an overview on how consumers may be affected by the EU Exit in relation to financial services regulation – 

The Financial Services Compensation Scheme (FSCS) have also published EU Exit questions and answers in relation to financial regulation –

Credit Card Surcharges

In January 2018, EU rules banned retailers from charging customers a fee to use Visa and Mastercard credit or debit cards.

The UK passed its own legislation, meaning the ban on this charge will continue to apply for UK purchases after the EU Exit.

Buying Goods

Items that you receive from someone in the EU will be subject to VAT and customs duties (With the exception of Letters, postcards and documents in most cases). The following will have to be paid if you import goods from the EU:

-Import VAT based on the value of the goods if they are worth £16 or more. This limit is raised to £40 if it is a gift from one individual to another.

-Customs duty if the goods are worth £136 or more. These may also be charged if it does not meet UK/EU origin rules.

-Customs clearance charges accrued from border force checks. This will be charged by the courier and the amount will vary. For example, the Royal mail charges £8 for this service.

Sending an item to someone in the EU will require an CN customs form and possible additional costs. If the goods are worth less than £270, a CN22 form is needed. If the goods are worth more than £270, a CN23 is needed. The following costs will need to be paid:

-VAT and customs clearance charge if the goods are worth 23 Euros or more. This will apply to all goods worth less than 23 Euros from the 1st of July 2021.

-Goods worth between 23 and 151 Euros will be taxed on arrival at the UK border and customs clearance charges will occur.

-Goods worth over 151 Euros or more will have VAT, customs duties and clearance/handling costs.

-All goods are subject to the customs rules of the destination country.These vary depending on which country it is going to.


Cross-border payments will no longer be covered by the surcharging ban (which prevents businesses from being able to charge consumers for using a specific payment method). European companies – including airlines and travel providers that previously levied card surcharges on a frequent basis – could re-introduce them for UK customers.

Bank Cards

If you have a UK bank account and intend to use your bank card to pay for goods and services while you are in the EU, as well as in Liechtenstein and Norway (the European Economic Area), the UK government has warned that this may become more expensive.

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