The sky’s the limit for changes to UK VAT since Brexit broke the EU VAT shackles, writes Rebecca Porter (The VAT Team). Are radical changes needed?
As a result of Brexit the UK gained absolute authority over what it does with its VAT system. For the first time since 1972 the UK can re-write the VAT legislation based entirely on its own policy objectives. VAT can be dropped to less than 15% (not possible pre-Brexit without special permission from the EU) or scrapped completely. New VAT reliefs can be added without the need to consider the Principal VAT Directive the EU VAT play book which governs reliefs member states can adopt within domestic VAT rules. It can zero rate as many popular (or politicised) products as it likes. VAT exemptions can be removed and the UK can demand VAT on any product or service supplied by any...
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The sky’s the limit for changes to UK VAT since Brexit broke the EU VAT shackles, writes Rebecca Porter (The VAT Team). Are radical changes needed?
As a result of Brexit the UK gained absolute authority over what it does with its VAT system. For the first time since 1972 the UK can re-write the VAT legislation based entirely on its own policy objectives. VAT can be dropped to less than 15% (not possible pre-Brexit without special permission from the EU) or scrapped completely. New VAT reliefs can be added without the need to consider the Principal VAT Directive the EU VAT play book which governs reliefs member states can adopt within domestic VAT rules. It can zero rate as many popular (or politicised) products as it likes. VAT exemptions can be removed and the UK can demand VAT on any product or service supplied by any...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
