The CIOT has provided comments on a variety of Brexit related issues and had regular meetings with HM Treasury and HMRC to continue discussions as circumstances evolve.
Brexit factsheet – Taxation (Cross-border Trade) Act 2018
The CIOT, in conjunction with the ICAEW and ICAS, has produced the first in a series of factsheets about Brexit, providing a high-level yet practical summary of relevant issues.
This factsheet looks at The Taxation (Cross-border Trade) Act 2018 (aka the Customs Bill) which received Royal Assent on 13th September 2018. The Act provides a framework of enabling powers to impose and regulate a UK customs duty regime on the import and export of goods, and amend current UK VAT and excise duty laws, once the UK has left the EU.
HMT, HMRC and CIOT Brexit and Customs Duty meeting
CIOT representatives met with representatives from HM Treasury and HMRC in October 2018 to discuss Brexit and Customs Duty. Topics discussed included:
- Customs legislation – concern about the redraft of the Union Customs Code into English law, the position on reliance on case law pre/post Brexit;
- Postponed accounting for import VAT – clarification sought on the mechanism for input VAT/C79s and whether this will be something that is introduced in the post-transitional period if a deal is secured;
- HMRC customs planning including no deal – this included a detailed discussion around the practicalities of a facilitated customs arrangement.
Taxation (Cross-border Trade) Bill
EU (Withdrawal) Bill