The government has introduced the Taxation (Cross-border Trade) Bill to parliament, providing for new customs, VAT and excise regimes to be in place when the UK leaves the EU.
The government has introduced the Taxation (Cross-border Trade) Bill to parliament, providing for new customs, VAT and excise regimes to be in place when the UK leaves the EU. Containing 56 clauses and nine Schedules, the Bill was originally referred to in the Queen’s speech and subsequent white papers as the Customs Bill.
The Bill is designed to allow the government to create a standalone customs regime and will provide for amendment of existing VAT and excise legislation, while allowing these regimes to continue to function whatever the outcome of the negotiations. The Bill does not provide for new zero rates, reduced rates, exemptions, refunds or new VAT reliefs. The government emphasises that the Bill does not presuppose any particular outcome from the UK’s negotiations with the EU.
The House of Commons debated and approved two ways and means resolutions for the Bill on 20 November. The date for second reading has yet to be announced. See http://bit.ly/2mTwReO.
Commenting on the Bill, Anastassia Beliakova, head of trade policy at the British Chambers of Commerce, said: ‘Firms tell us that they want clarity on the future of the UK’s VAT regime, and what our exit from the EU will mean for cross-border liabilities. HMRC must be given more resources, and adopt a clear focus on customer service, to enable it to support exporters and importers as it navigates the UK's exit from the EU.’
The government has introduced the Taxation (Cross-border Trade) Bill to parliament, providing for new customs, VAT and excise regimes to be in place when the UK leaves the EU.
The government has introduced the Taxation (Cross-border Trade) Bill to parliament, providing for new customs, VAT and excise regimes to be in place when the UK leaves the EU. Containing 56 clauses and nine Schedules, the Bill was originally referred to in the Queen’s speech and subsequent white papers as the Customs Bill.
The Bill is designed to allow the government to create a standalone customs regime and will provide for amendment of existing VAT and excise legislation, while allowing these regimes to continue to function whatever the outcome of the negotiations. The Bill does not provide for new zero rates, reduced rates, exemptions, refunds or new VAT reliefs. The government emphasises that the Bill does not presuppose any particular outcome from the UK’s negotiations with the EU.
The House of Commons debated and approved two ways and means resolutions for the Bill on 20 November. The date for second reading has yet to be announced. See http://bit.ly/2mTwReO.
Commenting on the Bill, Anastassia Beliakova, head of trade policy at the British Chambers of Commerce, said: ‘Firms tell us that they want clarity on the future of the UK’s VAT regime, and what our exit from the EU will mean for cross-border liabilities. HMRC must be given more resources, and adopt a clear focus on customer service, to enable it to support exporters and importers as it navigates the UK's exit from the EU.’
