If there are two words unlikely to raise a smile, we think that these are probably in the Top 10. Or even Top 5.

We've written a lot of articles during the last year or so, looking at the things our clients own and collect. We've combined how Lockton can protect the things that matter with features on everything from watches to cars, webinars with experts and fantastic insight from clients and partners within the passion asset sector.

Changes to tax on some of the things that we buy is news that is unwelcome, no question, so we've highlighted what this actually means and how this might impact on our clients.

Up to the 31 December 2020, goods that you bought from sellers within the EU did not attract any import duty as this was added at source and included within the price you paid. You would only pay import duty on goods bought from outside the EU.

Post-Brexit the rules have changed. Import duty is now charged on top of the price you pay and this applies to goods purchased from a retailer and where the seller is a private individual selling on a platform such as eBay.

It applies to all items, both new and second-hand and all items sent by post or courier will now be checked by HM Customs when they enter the UK, in the same way that goods imported from outside the EU are already checked.

Duty will be calculated on the value of the goods as this must now be declared by the sender and this will have to be paid before the goods can be released to you. You can find the amount of duty and the items to which it does and does not apply here

Whilst your home policy may include extended replacement cover, which we wrote about here, it is worth factoring these changes into the likely cost to replace any of your possessions which have been bought from the EU and may cost more to replace post-Brexit.

It is worth remembering that the same rules apply to vehicles and parts or accessories where you are buying directly from the EU in exactly the same way as for other goods. It is perhaps less relevant to complete vehicles but if you own large quantities of associated parts or memorabilia which you have acquired from the EU, or which can only be found in the EU, then you need to factor this into their replacement cost.

Lockton are on hand to guide you through any reassessment of your cover and please contact us for further advice and guidance.