HM Government Publish the Taxation (Cross-Border Trade) Bill
Today the UK Government published the first real detailed insight into the post-Brexit Customs world.
The Taxation (Cross-Border Trade) Bill sets out legislation related to Customs duty and VAT , import , export and transit after the UK leaves the EU. The accompanying notes to the Bill explains it provides for a standalone Customs system post-Brexit, largely based on existing EU Law and says that we should expect Customs activity to “operate in much the same way as it does today”
The Bill provides the legal basis to collect duties, create a Tariff, vary rates, allow the continuation of existing EU-based Customs approvals and supports a trade remedies procedure (amongst many other things). It also amends VAT law and replaces acquisition VAT (on intra-EU purchases) with import VAT.
A key point is that whilst this Bill adopts the core of the EU Union Customs Code (UCC) as we are familiar with today it will allow the UK,post-Brexit, to vary arrangements as it sees fit. The devil is, as always, in the detail and the Bill extends to 56 clauses plus 9 schedules , some 170+ pages to absorb. Happy reading !
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Link to Bill here : https://goo.gl/izcufD
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